FSC confirms Cash Plus bankrupt
Published:Wednesday | May 21, 2008 | 3:58 PM
The Financial Services Commission (FSC) is confirming that the embattled investment club, Cash Plus Limited is bankrupt.
Acting Executive Director of the FSC, George Roper, said the report presented by Cash Plus’ receiver manager indicates that the accounts published by the company last year point to its insolvency.
On Monday, the court-appointed receiver manger, Kevin Bandoian disclosed in a report that the failed entity has no available cash to repay lenders.
The report noted that investors would not receive payouts until Cash Plus acquires a sizeable portion of real estate and deposits it made on failed transactions.
Mr. Roper is expressing concern about the operations of World Wise Investment Limited.
According to him, the company’s delays in making payouts to investors could be a sign of trouble.
Mr. Roper said the FSC is still assessing the registration application of World Wise.
He said to date only three investment schemes have applied to be regulated.