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Worldwise Directors to meet to discuss new FSC move
Monday, 30 March 2009
The directors of alternative scheme, World Wise Partners Limited, are to meet with their lawyers Monday to discuss the decision of the Financial Services Commission (FSC) to lift its ban, which previously blocked the company from making payments to its investors.
The FSC, which issued a cease and desist order on World Wise on August 5, 2008, announced Friday that it had decided to vary the order to allow for payments to be made to investors.
But attorney for World Wise, Christopher Townsend, told RJR News that while welcoming the decision of the FSC, the company has to discuss the implications of the order.
"Its not that we shouldn't have been given the green light by the FSC but in their previous order, they said payouts could occur. They gave us 90 days in which to do so and the 90 days have expired and we'd asked for a variation of the order some time ago (and) they've now varied the order.
"We have to remember that payouts don't happen in the sky, there must be an institution by which we can pay out ... there must be plans out in place preferably with the FSC, so it's a step in the right direction but we still need to do a little bit more," Mr. Townsend said.
He urged investors to be patient while the company discusses the matter.
In announcing its decision to allow Worldwise to pay investors and close its accounts, the FSC cautioned investors to be aware that it has no knowledge of the financial condition of the company.
The FSC added that it was not in a position to determine whether World Wise had the capacity to meet its obligations to investors.
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Monday, 30 March 2009
The directors of alternative scheme, World Wise Partners Limited, are to meet with their lawyers Monday to discuss the decision of the Financial Services Commission (FSC) to lift its ban, which previously blocked the company from making payments to its investors.
The FSC, which issued a cease and desist order on World Wise on August 5, 2008, announced Friday that it had decided to vary the order to allow for payments to be made to investors.
But attorney for World Wise, Christopher Townsend, told RJR News that while welcoming the decision of the FSC, the company has to discuss the implications of the order.
"Its not that we shouldn't have been given the green light by the FSC but in their previous order, they said payouts could occur. They gave us 90 days in which to do so and the 90 days have expired and we'd asked for a variation of the order some time ago (and) they've now varied the order.
"We have to remember that payouts don't happen in the sky, there must be an institution by which we can pay out ... there must be plans out in place preferably with the FSC, so it's a step in the right direction but we still need to do a little bit more," Mr. Townsend said.
He urged investors to be patient while the company discusses the matter.
In announcing its decision to allow Worldwise to pay investors and close its accounts, the FSC cautioned investors to be aware that it has no knowledge of the financial condition of the company.
The FSC added that it was not in a position to determine whether World Wise had the capacity to meet its obligations to investors.
[ Back ]
Daily Polls Should after-Champs fetes be banned?
Yes
No
Weather Forecast | Weather Maps | Weather RadarPrivacy Statement
© 2009 Radiojamaica.com... today's news... today
Designed & Maintained by Multi-Media Jamaica Ltd. Copyright © 2007 All Rights Reserved.