Court rules against NCB
Published:Wednesday | September 3, 2008 | 1:46 PM
The Supreme Court this morning refused to grant an application made by the National Commercial Bank (NCB) to close the personal accounts of Olint boss David Smith and his wife Tracey.
The Supreme Court had earlier upheld the cease and desist order, which the Financial Services Commission had issued against investment club Olint Corporation Limited.
Last December, NCB went to the Supreme Court and applied to have Smith’s accounts closed.
NCB said it did not want to continue to operate accounts for persons who were associated with Olint based on the Supreme courts ruling.
Justice Patrick Brooks heard legal arguments on the matter and ruled that he could not grant the application based on a court of appeal ruling in July.
The court of appeal had ruled that Olint’s accounts with the bank must remain open until the Supreme Court heard the civil suit filed in the matter.
NCB is appealing the Court of Appeals ruling.
The matter is set for hearing on November 6 at the UK based Privy Council.