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Lukewarm response from Olint investors urged to come forward
Saturday, 04 July 2009
There has reportedly been a lukewarm response to a request by the liquidators of Olint Limited for creditors to submit information outlining how much they invested in the failed scheme.
Last month, Olint creditors were urged to present claims in order to help the liquidators determine whether a pay out might be possible.
However, according to a report in a Turks and Caicos Islands (TCI) newspaper, only 100 of an estimated 6,000 investors have come forward to date.
Advertisements were published in Jamaica and other countries where Olint had operations urging investors to come forward.
In an interview with the Turks and Caicos Weekly News, Olint's liquidator Joe Connolly disclosed that the amount invested in the TCI branch alone amounted to US$220 million of which, less than 6% has been identified.
Mr. Connolly said he received several sad letters from investors left penniless and warned creditors that the winding up process could be extremely lengthy.
He explained that information is needed on the amount owed by Olint investors in order to determine how much can be disbursed if a pay out deal is arrived at.
The David Smith-led Olint collapsed last year after the authorities in Jamaica and TCI raised concerns about its operations.
Mr. Smith's Providenciales home was raided in July last year and his assets frozen.
He has denied operating a ponzi scheme.
The Jamaican businessman currently faces 12 criminal charges relating to fraud, theft and money laundering.
He is booked to appear before the Providenciales Magistrate's Court on August 5.
Investor sues Misick
In the meantime, former Turks and Caicos Premier Michael Misick is allegedly being sued by a Florida physician who claims the ex-leader encouraged overseas investors to put their money into TCI firms including Olint.
Plaintiff Dr. Christopher Walker is said to be seeking US$2.4 million in damages against Mr. Misick for apparently failing to discourage investors from investing in Olint before its fraudulent practices came to light.
Dr. Walker is also suing an international credit card giant which he claims was party to the alleged Ponzi scheme by issuing cards via TCI-based Hallmark Bank and Trust.
He claims that, while the company did not sign the operating agreement between himself and Olint TCI, it sustained Hallmark by virtue of its close financial relationship.
Saturday, 04 July 2009
There has reportedly been a lukewarm response to a request by the liquidators of Olint Limited for creditors to submit information outlining how much they invested in the failed scheme.
Last month, Olint creditors were urged to present claims in order to help the liquidators determine whether a pay out might be possible.
However, according to a report in a Turks and Caicos Islands (TCI) newspaper, only 100 of an estimated 6,000 investors have come forward to date.
Advertisements were published in Jamaica and other countries where Olint had operations urging investors to come forward.
In an interview with the Turks and Caicos Weekly News, Olint's liquidator Joe Connolly disclosed that the amount invested in the TCI branch alone amounted to US$220 million of which, less than 6% has been identified.
Mr. Connolly said he received several sad letters from investors left penniless and warned creditors that the winding up process could be extremely lengthy.
He explained that information is needed on the amount owed by Olint investors in order to determine how much can be disbursed if a pay out deal is arrived at.
The David Smith-led Olint collapsed last year after the authorities in Jamaica and TCI raised concerns about its operations.
Mr. Smith's Providenciales home was raided in July last year and his assets frozen.
He has denied operating a ponzi scheme.
The Jamaican businessman currently faces 12 criminal charges relating to fraud, theft and money laundering.
He is booked to appear before the Providenciales Magistrate's Court on August 5.
Investor sues Misick
In the meantime, former Turks and Caicos Premier Michael Misick is allegedly being sued by a Florida physician who claims the ex-leader encouraged overseas investors to put their money into TCI firms including Olint.
Plaintiff Dr. Christopher Walker is said to be seeking US$2.4 million in damages against Mr. Misick for apparently failing to discourage investors from investing in Olint before its fraudulent practices came to light.
Dr. Walker is also suing an international credit card giant which he claims was party to the alleged Ponzi scheme by issuing cards via TCI-based Hallmark Bank and Trust.
He claims that, while the company did not sign the operating agreement between himself and Olint TCI, it sustained Hallmark by virtue of its close financial relationship.