There is a major development on Thursday afternoon in the
ongoing saga involving the collapsed Cash Plus Limited.
Lawyers representing the company Thursday filed action in Court challenging the takeover of Cash Plus by the authorities.
In a surprise move, Cash Plus lawyers raised objections to the take-over on Thursday morning during a hearing between High Court judge, Mrs. Justice Marva McIntosh and the Co-Interim Receiver/Manager Keven Bandoian.
Mrs. McIntosh was getting a status report on Cash Plus Limited from the Receiver/Manager when the attorneys intervened.
Lead attorney Paul Beswick raised a preliminary objection to the proceedings.
As a result, the judge gave the Cash Plus lawyers until June 12 to file affidavits outlining their objections.
Mr. Beswick declined to give much detail on his challenge, but told the RJR News Centre that his clients are opposed to the appointment of the Receiver/ Manager.
Sources close to the case say the lawyers intend to challenge the fact that Cash Plus was placed into receivership based on a lawsuit filed by an employee of Cash Plus.
According to our source, under the law an employee cannot file for liquidation of a company.
The lawyers intend to argue that only shareholders or directors can.
Meanwhile, sources told RJR News that the Receiver/Manager will be seeking to recover money invested by Cash Plus in the Hilton Hotel and Drax Hall property in St. Ann and other companies.
However, those investments will not cover the more than $4 billion owed to Cash Plus investors.
Mr. Bandoian was appointed by the Supreme Court on March 31 with a mandate to track down the assets and liabilities of Cash Plus Limited and its affiliates.
He submitted a 20-page report to the High Court on Tuesday which reportedly showed that Cash Plus has no money to refund its investors.
Over the past several weeks forensic accountants have been combing through documents trying to locate assets owned by Cash Plus.
It is understood that the accountants have identified nearly 200 companies registered under the Cash Plus brand, but 90% of them are dummy companies.
The authorities moved in on Cash Plus last month following the arrest of Cash Plus boss Carlos Hill.
Mr. Hill has since been charged with fraud following allegations that he collected billions of dollars from investors and shipped the money overseas.
Lawyers representing the company Thursday filed action in Court challenging the takeover of Cash Plus by the authorities.
In a surprise move, Cash Plus lawyers raised objections to the take-over on Thursday morning during a hearing between High Court judge, Mrs. Justice Marva McIntosh and the Co-Interim Receiver/Manager Keven Bandoian.
Mrs. McIntosh was getting a status report on Cash Plus Limited from the Receiver/Manager when the attorneys intervened.
Lead attorney Paul Beswick raised a preliminary objection to the proceedings.
As a result, the judge gave the Cash Plus lawyers until June 12 to file affidavits outlining their objections.
Mr. Beswick declined to give much detail on his challenge, but told the RJR News Centre that his clients are opposed to the appointment of the Receiver/ Manager.
Sources close to the case say the lawyers intend to challenge the fact that Cash Plus was placed into receivership based on a lawsuit filed by an employee of Cash Plus.
According to our source, under the law an employee cannot file for liquidation of a company.
The lawyers intend to argue that only shareholders or directors can.
Meanwhile, sources told RJR News that the Receiver/Manager will be seeking to recover money invested by Cash Plus in the Hilton Hotel and Drax Hall property in St. Ann and other companies.
However, those investments will not cover the more than $4 billion owed to Cash Plus investors.
Mr. Bandoian was appointed by the Supreme Court on March 31 with a mandate to track down the assets and liabilities of Cash Plus Limited and its affiliates.
He submitted a 20-page report to the High Court on Tuesday which reportedly showed that Cash Plus has no money to refund its investors.
Over the past several weeks forensic accountants have been combing through documents trying to locate assets owned by Cash Plus.
It is understood that the accountants have identified nearly 200 companies registered under the Cash Plus brand, but 90% of them are dummy companies.
The authorities moved in on Cash Plus last month following the arrest of Cash Plus boss Carlos Hill.
Mr. Hill has since been charged with fraud following allegations that he collected billions of dollars from investors and shipped the money overseas.
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