FSC suspends Intertrade's licence

The Financial Services Commission (FSC) on Friday issued a notice that the licence of Intertrade Finance Corporation Limited ('Intertrade'), a company dealing in securities and fund management, had been suspended.

However, the notice said the suspension had been stayed pending the outcome of an appeal lodged by the company with the Appeal Tribunal set up under the Securities Act.

This means the company is free to continue operating as normal.

In the meantime, a statement issued by the company's attorney, Lord Anthony Gifford, said that the suspension of the licence related to delays in filing accounts which had since been rectified.

no integrity issues

His statement was also quick to dispel perceptions that the suspension might have been due to issues questioning the company's integrity.

"... (the suspension) in no way reflects on the integrity of Intertrade Finance Corporation Limited," the statement said.

"The suspension has been lifted pending the appeal, and Intertrade Finance Corporation Limited will continue to give prompt and diligent service to its clients."

When Sunday Business contacted the company, Joan Powell, chief executive officer of the company, was unavailable.

She did not return any calls up to press time.

The FSC also did not respond to queries on the matter.

The newspaper notice said that the licence was suspended under Section 6 (2) (c ) of the Financial Services Commission Act.

This section states that for the protection of customers, the FSC shall suspend, cancel, or revoke any such licence or registration.

The FSC also said the company had breached Section 9 of the Securities Act.

Section 9 deals with requirements or conditions under which a licence can be granted and subsequently revoked.

Among other requirements, the section requires satisfying fit and proper criteria as well as solvency and liquidity requirements.

Established in 1995, Intertrade Finance offers services in money- market instruments, which include commercial paper, government securities, treasury bills, and repurchase agreements.

The company also offers services in fund management, lines of credit, trade financing, and currency trading, among other things.

business@gleanerjm.com