Embattled Cash Plus Limited will know on Friday whether
its remaining accounts at the National Commercial Bank (NCB) will be closed.
High Court Judge Marva McIntosh on Tuesday afternoon reserved judgement in the legal battle between Cash Plus Limited and NCB over the accounts.
Lawyers for Cash Plus Tuesday tried to persuade the judge to grant a further extension of the injunction which blocks NCB from closing the company's nine remaining accounts.
They want the injunction to remain in effect until the lawsuit filed by Cash Plus against the bank is heard.
The injunction granted late last year expired Tuesday.
But during submissions Tuesday, the NCB stood its ground that the accounts should be closed.
Lawyers for NCB Tuesday argued that the bank would be in breach of the law if it fails to close the Cash Plus accounts.
According to the bank's attorney, by not closing the accounts, NCB puts itself at risk because Cash Plus is engaged in activities which should be regulated.
NCB further claims that it is in breach of the Securities Act, which is a criminal offence if the accounts remained opened.
NCB also argued that it is at risk with banks in the US because of the conviction of Cash PLus Director, Carlos Hill.
Last year, Cash Plus sued NCB claiming that the bank breached its fiduciary duty.
The investment company is also accusing the bank of interfering in its relationship with its clients.
Cash Plus reportedly has more than 11,000 clients who have invested approximately four billion dollars with the informal investment club.
High Court Judge Marva McIntosh on Tuesday afternoon reserved judgement in the legal battle between Cash Plus Limited and NCB over the accounts.
Lawyers for Cash Plus Tuesday tried to persuade the judge to grant a further extension of the injunction which blocks NCB from closing the company's nine remaining accounts.
They want the injunction to remain in effect until the lawsuit filed by Cash Plus against the bank is heard.
The injunction granted late last year expired Tuesday.
But during submissions Tuesday, the NCB stood its ground that the accounts should be closed.
Lawyers for NCB Tuesday argued that the bank would be in breach of the law if it fails to close the Cash Plus accounts.
According to the bank's attorney, by not closing the accounts, NCB puts itself at risk because Cash Plus is engaged in activities which should be regulated.
NCB further claims that it is in breach of the Securities Act, which is a criminal offence if the accounts remained opened.
NCB also argued that it is at risk with banks in the US because of the conviction of Cash PLus Director, Carlos Hill.
Last year, Cash Plus sued NCB claiming that the bank breached its fiduciary duty.
The investment company is also accusing the bank of interfering in its relationship with its clients.
Cash Plus reportedly has more than 11,000 clients who have invested approximately four billion dollars with the informal investment club.
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