Questions have been raised concerning Cash Plus Limited's
claim as to why it has failed to meet Monday's deadline to repay its clients.
Over the past 72 hours the alternative investment scheme has been issuing statements in the media blaming the delay on the absence of banking facilities.
But its former bankers are not buying the claim.
The National Commercial Bank (NCB) which earlier this year obtained a court order to close Cash Plus' accounts said the unregulated investment scheme is trying to find a scapegoat for its problems.
NCB's General Legal Counsel, Dave Garcia, said Cash Plus has remained silent on an earlier promise to use alternative methods to repay its clients.
"I find that to be a very curious suggestion given that Cash Plus had late last year indicated that it will be setting up an international payment system that will enable him to pay out to customers and several months have passed since then," said Mr. Garcia.
"We also have questions about the explanation being given at this time in circumstances where the FSC has asked Cash Plus to indicate where is the money coming from to pay the customers and I don't know if that question has yet been answered," he continued.
According to a press release on Friday, Cash Plus clients who were promised payments Monday will have to wait two to four weeks to get their money.
Persons with balances ranging between $100,000 and $200,000 have been promised payments on April 14.
Those with balances up to $400,000 will be paid on April 21 while persons with larger balances will get only a portion of funds placed at Cash Plus.
The company has announced that an interim manager will take charge of disbursements to all its clients.
In the meantime, Cash Plus Limited head Carlos Hill said the investment scheme has the money repay its clients.
In an infomercial aired on TVJ on Sunday Mr. Hill said the interim manager will certify to clients and the FSC that Cash Plus is in a position to refund its clients in full.
"I am confident that the interim manager will certify to the lenders and the Financial Services Commission that the funds are fully available to discharge to our obligation in full and that this delay, while inconvenient and regrettable, is only temporary. This is predicated on the expressed willingness of the FSC to vary the cease and desist order issued against," said Mr. Hill.
Over the past 72 hours the alternative investment scheme has been issuing statements in the media blaming the delay on the absence of banking facilities.
But its former bankers are not buying the claim.
The National Commercial Bank (NCB) which earlier this year obtained a court order to close Cash Plus' accounts said the unregulated investment scheme is trying to find a scapegoat for its problems.
NCB's General Legal Counsel, Dave Garcia, said Cash Plus has remained silent on an earlier promise to use alternative methods to repay its clients.
"I find that to be a very curious suggestion given that Cash Plus had late last year indicated that it will be setting up an international payment system that will enable him to pay out to customers and several months have passed since then," said Mr. Garcia.
"We also have questions about the explanation being given at this time in circumstances where the FSC has asked Cash Plus to indicate where is the money coming from to pay the customers and I don't know if that question has yet been answered," he continued.
According to a press release on Friday, Cash Plus clients who were promised payments Monday will have to wait two to four weeks to get their money.
Persons with balances ranging between $100,000 and $200,000 have been promised payments on April 14.
Those with balances up to $400,000 will be paid on April 21 while persons with larger balances will get only a portion of funds placed at Cash Plus.
The company has announced that an interim manager will take charge of disbursements to all its clients.
In the meantime, Cash Plus Limited head Carlos Hill said the investment scheme has the money repay its clients.
In an infomercial aired on TVJ on Sunday Mr. Hill said the interim manager will certify to clients and the FSC that Cash Plus is in a position to refund its clients in full.
"I am confident that the interim manager will certify to the lenders and the Financial Services Commission that the funds are fully available to discharge to our obligation in full and that this delay, while inconvenient and regrettable, is only temporary. This is predicated on the expressed willingness of the FSC to vary the cease and desist order issued against," said Mr. Hill.
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