Olint depositors upset

Several Grenadian investors in an affiliate of investment club, Olint Corporation are desperately trying to reclaim their deposits.



Grenada’s Ministry of Finance said it is aware of the problems being experienced by customers of SGL Holdings Incorporation in getting their deposits repaid.



In April this year, the Eastern Caribbean Securities Regulatory Commission ordered that SGL Holdings cease and desist from conducting securities business and apply for the necessary licence.



The Company ceased accepting new deposits and was in the process of preparing its application to the Commission for the relevant licence.



At a meeting held yesterday with the Ministry, the company advised that the present challenges being experienced emanated from difficulties facing its trader, Olint TCI, located in the Turks and Caicos Islands.



The Company has advised that its trader remains committed to fulfilling its obligations once the restriction on its assets is lifted.



Olint TCI had its assets frozen pending an investigation into its operations and is currently unable to make any payments to its customers.



The authorities in Grenada said efforts are being made to ascertain the status of the investigations from their counterparts in the Turks and Caicos Islands.



The Ministry of Finance said it would continue to monitor the situation.