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OLINT accuses NCB
Monday, 12 May 2008
Lawyers representing embattled alternative investment scheme OLINT went on the offensive in their legal battle with the National Commercial Bank (NCB).
Making submissions before the Appeal Court Monday, lead attorney for OLINT Gordon Robinson questioned NCB's haste to close OLINT's accounts.
According to Mr Gordon, the bank's tough stance taken by the bank borders on contempt of Court.
NCB has argued that OLINT's accounts put the banks operation at risk with the Bank of Jamaica and institutions overseas.
But Mr. Gordon argued that there is no evidence that any overseas institution has threatened to sever ties with NCB if it continues to operate OLINT's accounts.
He added that there is no threat from the Bank of Jamaica to move against NCB if OLINT's accounts are not closed.
Mr. Gordon further argued that the NCB had not made any allegations that OLINT was involved in any suspicious transactions and questioned the motive of the bank in wanting to close the accounts.
Against this background, he argued that the Appeal Court should grant OLINT an injunction blocking NCB from closing its accounts.
He said the injunction should remain in effect until the lawsuit filed by OLINT against the bank is heard.
OLINT is appealing last month's ruling by High Court Judge, Justice Roy Jones not to grant them an injunction blocking NCB from closing their accounts.
The Company said it needs the protection of the injunction until its lawsuit against the bank is heard later this year.
NCB is to respond to OLINT's submissions Tuesday.
The bank has maintained that OLINT is unregulated and has consistently failed to submit its audited financial statements as required by law.
Monday, 12 May 2008
Lawyers representing embattled alternative investment scheme OLINT went on the offensive in their legal battle with the National Commercial Bank (NCB).
Making submissions before the Appeal Court Monday, lead attorney for OLINT Gordon Robinson questioned NCB's haste to close OLINT's accounts.
According to Mr Gordon, the bank's tough stance taken by the bank borders on contempt of Court.
NCB has argued that OLINT's accounts put the banks operation at risk with the Bank of Jamaica and institutions overseas.
But Mr. Gordon argued that there is no evidence that any overseas institution has threatened to sever ties with NCB if it continues to operate OLINT's accounts.
He added that there is no threat from the Bank of Jamaica to move against NCB if OLINT's accounts are not closed.
Mr. Gordon further argued that the NCB had not made any allegations that OLINT was involved in any suspicious transactions and questioned the motive of the bank in wanting to close the accounts.
Against this background, he argued that the Appeal Court should grant OLINT an injunction blocking NCB from closing its accounts.
He said the injunction should remain in effect until the lawsuit filed by OLINT against the bank is heard.
OLINT is appealing last month's ruling by High Court Judge, Justice Roy Jones not to grant them an injunction blocking NCB from closing their accounts.
The Company said it needs the protection of the injunction until its lawsuit against the bank is heard later this year.
NCB is to respond to OLINT's submissions Tuesday.
The bank has maintained that OLINT is unregulated and has consistently failed to submit its audited financial statements as required by law.