The legal show down between Cash Plus Limited and the
Financial Services Commission (FSC), is scheduled to commence Wednesday in the
Supreme Court.
Cash Plus Limited filed a suit against the FSC earlier this year, claiming it should not be forced to register with the FSC as a securities dealer.
In May this year, the FSC issued a public notice, advising that Cash Plus was not licensed to conduct securities business in Jamaica.
It said the securities offered by the entity were not registered.
This prompted Cash Plus to go to court, seeking a declaration from the Supreme Court on the issue.
It contends that it is not trading in securities and is not offering investment contracts and therefore should not be required to register with the FSC.
But since the suit against the FSC, Cash Plus has had more problems with some of the island's major financial institutions which have refused to honour cheques issued from the entity.
This prompted Cash Plus to take out an injunction against the National Commercial Bank (NCB) last week.
The injunction blocks NCB from closing its accounts.
Cash Plus officials accused local commercial banks of conspiring against them.
Cash Plus Limited filed a suit against the FSC earlier this year, claiming it should not be forced to register with the FSC as a securities dealer.
In May this year, the FSC issued a public notice, advising that Cash Plus was not licensed to conduct securities business in Jamaica.
It said the securities offered by the entity were not registered.
This prompted Cash Plus to go to court, seeking a declaration from the Supreme Court on the issue.
It contends that it is not trading in securities and is not offering investment contracts and therefore should not be required to register with the FSC.
But since the suit against the FSC, Cash Plus has had more problems with some of the island's major financial institutions which have refused to honour cheques issued from the entity.
This prompted Cash Plus to take out an injunction against the National Commercial Bank (NCB) last week.
The injunction blocks NCB from closing its accounts.
Cash Plus officials accused local commercial banks of conspiring against them.
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