Cash Plus seek funds overseas
Published:Tuesday | April 1, 2008 | 2:55 PM
Investment club, Cash Plus will be seeking funds from the Turks and Caicos Islands to repay its creditors.
Acting Director of the Financial Services Commission, George Roper said Cash Plus has expressed its intention to borrow funds from a private investor from the Turks and Caicos.
However, he said the FSC has still not received a commitment from the investor, but the cease and desist order against Cash Plus remains in effect.
He said the order would not be defered until the FSC has completed its review of the requested information submitted by the investment club on Friday.
Mr. Roper said the FSC would be working with Cash Plus’ newly appointed receiver manager to make arrangements for payouts.
The receiver manager, Kevin Bandoian, of PriceWaterhouse Coopers in the US will be responsible for supervising the disbursement of funds to investors.
He was appointed yesterday, following Cash Plus’ announcement that it was unable to meet the March 31 deadline for payouts.
However, the investment club said payments would be issued on a phased basis starting April 14.
Cash Plus reportedly has 40,000 lenders with loans totaling $4 billion.