Wed | Oct 18, 2017

Liquidator says little assets recovered from Olint

Published:Wednesday | July 22, 2009 | 6:24 PM

The liquidator appointed to oversee the operations of investment entity, Olint in the Turks and Caicos Islands says his initial findings have indicated that there are not enough assets to meet claims by former investors.



Joseph Connolly is in the process of winding up Olint’s operations in the Turks and Caicos after one of its shareholders was arrested on allegations of defrauding investors out of US$750 million.



It was last reported that only US$13 million of the assets have so far been recovered.



Mr. Connolly says the process of identifying assets and verifying claims is likely to be difficult and time consuming.



As a result, the Olint liquidator says claimants should not expect a payout any time soon.



In his last statement, Mr. Connolly said he was only securing reimbursements for persons who had invested in the TCI operations of Olint.



In the meantime, investors seeking to recover their investments in the TCI are being advised to submit their claims and all the relevant documents that may substantiate their claims.