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Irate Cash Plus investors storm NCB branch
Radio Jamaica Friday, 18 January 2008
Investors in the Cash Plus investment scheme are not taking Thursday's court victory by the National Commercial Bank (NCB) over the unregulated entity very well.
The Supreme Court ruled on Thursday that NCB could go ahead with its decision to close some Cash Plus accounts.
On Friday Cash Plus investors stormed the Commercial Bank to register their disapproval.
With NCB winning the latest round in its court wrangling with Cash Plus, investors in the unregulated scheme are not taking it lightly.
The investors gathered outside Cash Plus' Premier Plaza office on Friday, where investors demanded to know how the company would handle the bank's decision to close its accounts.
They also wanted to know how and when they would be paid.
Frustrated, the investors directed their anger towards the commercial bank, the Prime Minister and the Financial Services Commission.
"I drew out my money from the Credit Union and put into Cash Plus thinking I would get my payout from last year October and all now I don't get any money because of the FSC and Michael Lee Chin. We need our money! We need our money!" said one Cash Plus investor.
"As soon as they see that it's a better way for us they are trying to stop us. Cash Plus has showed us that the banks have been robbing us and many of us were suffering, couldn't afford school and now we can afford it...we want freedom!" another said.
The group of Cash Plus investors marched a few meters to NCB's Half way tree branch, where they were joined by others who protested against the bank's actions to close some Cash Plus accounts.
In the meantime Attorneys representing Cash Plus Limited failed in their efforts to persuade Supreme Court Justice Patrick Brooks to relax conditions attached to an order imposed by the Court on Wednesday.
The Cash Plus lawyers had sought a further hearing arguing that the conditions imposed by the Court were burdensome.
Among the conditions are that Cash Plus should refrain from taking on any new customers.
The company was also barred from taking any additional investments from existing customers.
Acting Solicitor General Patrick Foster said Cash Plus attorneys were unable to show that the conditions imposed by Justice Brooks would adversely affect the company's operations.
Mr. Foster said he was quite clear in his submissions and that Justice Brooks agreed that the conditions still allowed Cash Plus Limited to continue to service the needs of existing customers.
Cash Plus was represented at Friday's hearing by attorney Ahkilla Anderson
Radio Jamaica Friday, 18 January 2008
Investors in the Cash Plus investment scheme are not taking Thursday's court victory by the National Commercial Bank (NCB) over the unregulated entity very well.
The Supreme Court ruled on Thursday that NCB could go ahead with its decision to close some Cash Plus accounts.
On Friday Cash Plus investors stormed the Commercial Bank to register their disapproval.
With NCB winning the latest round in its court wrangling with Cash Plus, investors in the unregulated scheme are not taking it lightly.
The investors gathered outside Cash Plus' Premier Plaza office on Friday, where investors demanded to know how the company would handle the bank's decision to close its accounts.
They also wanted to know how and when they would be paid.
Frustrated, the investors directed their anger towards the commercial bank, the Prime Minister and the Financial Services Commission.
"I drew out my money from the Credit Union and put into Cash Plus thinking I would get my payout from last year October and all now I don't get any money because of the FSC and Michael Lee Chin. We need our money! We need our money!" said one Cash Plus investor.
"As soon as they see that it's a better way for us they are trying to stop us. Cash Plus has showed us that the banks have been robbing us and many of us were suffering, couldn't afford school and now we can afford it...we want freedom!" another said.
The group of Cash Plus investors marched a few meters to NCB's Half way tree branch, where they were joined by others who protested against the bank's actions to close some Cash Plus accounts.
In the meantime Attorneys representing Cash Plus Limited failed in their efforts to persuade Supreme Court Justice Patrick Brooks to relax conditions attached to an order imposed by the Court on Wednesday.
The Cash Plus lawyers had sought a further hearing arguing that the conditions imposed by the Court were burdensome.
Among the conditions are that Cash Plus should refrain from taking on any new customers.
The company was also barred from taking any additional investments from existing customers.
Acting Solicitor General Patrick Foster said Cash Plus attorneys were unable to show that the conditions imposed by Justice Brooks would adversely affect the company's operations.
Mr. Foster said he was quite clear in his submissions and that Justice Brooks agreed that the conditions still allowed Cash Plus Limited to continue to service the needs of existing customers.
Cash Plus was represented at Friday's hearing by attorney Ahkilla Anderson
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