Following Friday's defeat in its legal battle with the
National Commercial Bank (NCB) many of is clients are wondering what is next
for Cash Plus Limited.
Orville Johnson, Chairman of Today's Money Limited says Cash Plus will now have to seek alternative arrangements in order to continue to function and to provide refunds to its investors.
Mr. Johnson says based on talks in the banking sector, Cash Plus has yet to comply with banking regulations.
Cash Plus' troubles started late last year when the Financial Services Commission issued a 'seize-and-desist' order on all its operations.
This was followed by NCB attempting to close its 27 accounts.
Cash Plus went to court and was granted an injunction barring NCB from closing the accounts.
They returned to court and NCB was granted leave to close 17 of Cash Plus' 26 accounts.
However, Friday the court refused to grant an extension on its injunction barring NCB from closing its remaining seven nine accounts.
NCB immediately closed the accounts, returning the funds to Cash Plus in the form of a manager's cheque.
Orville Johnson, Chairman of Today's Money Limited says Cash Plus will now have to seek alternative arrangements in order to continue to function and to provide refunds to its investors.
Mr. Johnson says based on talks in the banking sector, Cash Plus has yet to comply with banking regulations.
Cash Plus' troubles started late last year when the Financial Services Commission issued a 'seize-and-desist' order on all its operations.
This was followed by NCB attempting to close its 27 accounts.
Cash Plus went to court and was granted an injunction barring NCB from closing the accounts.
They returned to court and NCB was granted leave to close 17 of Cash Plus' 26 accounts.
However, Friday the court refused to grant an extension on its injunction barring NCB from closing its remaining seven nine accounts.
NCB immediately closed the accounts, returning the funds to Cash Plus in the form of a manager's cheque.
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