Cash Plus protesters await court decision
Published:Thursday | June 12, 2008 | 4:34 PM
Scores of protesters gathered outside the Supreme Court in Downtown Kingston to await the outcome of the hearing of several lawsuits involving failed investment entity, Cash Plus.
Senior Puisne Judge Marva McIntosh is to make a decision on whether approval will be granted for the payment of the entity’s more than 40,000 investors.
Among the cases being heard are the civil suits filed against the company by at least two attorneys and the group Friends of Cash Plus.
The court is also hearing a request by Receiver Manager Kevin Bandoian for the Bank of Nova Scotia to make certain disclosures in relation to some alleged customers at the bank.
The bank is contending that that it does not want to be in breach of any regulations governing confidentiality and is asking the court for direction on the issue.
Chairman of Friends of Cash Plus, Birton Smith, said the protestors are hoping for the court to grant their request to have the receiver manager for Cash Plus removed.
Carlos Hill and his brother Bertram along with the Chief Financial Officer for Cash Plus Limited, Peter Wilson were arrested on fraud charges on April 10 and have since been granted bail.
A report by the receiver manager had revealed that Cash Plus had no current funds to repay its investors.