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Local court freezes Olint, Smiths' assets
Wednesday, December 09, 2009
JAMAICA'S Supreme Court has ordered a temporary freezing of the assets belonging to embattled investor David Smith, his wife Tracey-Ann and brother Gilbert Wayne, along with that of collapsed foreign exchange trader Olint Corporation Limited.
The order, obtained Monday by Joseph Connolly -- the liquidator of Olint TCI Corporation (which is in compulsory liquidation) -- prevents the Smiths and Olint Corporation from dealing with their worldwide assets for a 21-day period.
The order in relation to the Smiths said: "The defendants, and each of them (should) be restrained from disposing of or dealing with any of their assets or assets in their names or held on their behalf, wherever situated, or from withdrawing or transferring any funds from their accounts or accounts in their name or held on their behalf, wherever held, save in so far as the value of such assets exceeds the sum of <span style="font-weight: bold">US$214,716,854.24 </span>for 21 days from the date of the order."
In addition, the order said the parties are to make full disclosure of their assets in an affidavit to the liquidator's attorneys' within 14 days of the service of the order.
And the order in relation to Olint Corporation Limited said: "The defendant, whether by itself or by its servants or agents or otherwise howsoever, [is restrained] from disposing of or transferring, charging, diminishing or, in any way howsoever, dealing with its assets or assets in its name or held on its behalf or on behalf of the claimant, wherever situated, and from withdrawing or transferring any funds from its accounts or accounts in its name or held on its behalf or on behalf of the claimant, <span style="font-weight: bold">wherever held, save in so far as the value of such assets exceeds the sum of US$49,114,814.00 and J$2,000,000.00 </span>for 21 days from the date of the order."
Under mounting pressure in Jamaica, David Smith moved Olint's operations to the Turks and Caicos Islands in 2008, where he and his wife were later arrested and slapped with several criminal charges in relation to investors' money.
David Smith and his wife, the principals of Olint, are to face the Turks and Caicos Islands courts next year March after posting bail.
In the meantime, several local disgruntled investors have filed suit against Olint to recoup their funds invested in the unregulated trader.
Wednesday, December 09, 2009
JAMAICA'S Supreme Court has ordered a temporary freezing of the assets belonging to embattled investor David Smith, his wife Tracey-Ann and brother Gilbert Wayne, along with that of collapsed foreign exchange trader Olint Corporation Limited.
The order, obtained Monday by Joseph Connolly -- the liquidator of Olint TCI Corporation (which is in compulsory liquidation) -- prevents the Smiths and Olint Corporation from dealing with their worldwide assets for a 21-day period.
The order in relation to the Smiths said: "The defendants, and each of them (should) be restrained from disposing of or dealing with any of their assets or assets in their names or held on their behalf, wherever situated, or from withdrawing or transferring any funds from their accounts or accounts in their name or held on their behalf, wherever held, save in so far as the value of such assets exceeds the sum of <span style="font-weight: bold">US$214,716,854.24 </span>for 21 days from the date of the order."
In addition, the order said the parties are to make full disclosure of their assets in an affidavit to the liquidator's attorneys' within 14 days of the service of the order.
And the order in relation to Olint Corporation Limited said: "The defendant, whether by itself or by its servants or agents or otherwise howsoever, [is restrained] from disposing of or transferring, charging, diminishing or, in any way howsoever, dealing with its assets or assets in its name or held on its behalf or on behalf of the claimant, wherever situated, and from withdrawing or transferring any funds from its accounts or accounts in its name or held on its behalf or on behalf of the claimant, <span style="font-weight: bold">wherever held, save in so far as the value of such assets exceeds the sum of US$49,114,814.00 and J$2,000,000.00 </span>for 21 days from the date of the order."
Under mounting pressure in Jamaica, David Smith moved Olint's operations to the Turks and Caicos Islands in 2008, where he and his wife were later arrested and slapped with several criminal charges in relation to investors' money.
David Smith and his wife, the principals of Olint, are to face the Turks and Caicos Islands courts next year March after posting bail.
In the meantime, several local disgruntled investors have filed suit against Olint to recoup their funds invested in the unregulated trader.