Wed | Oct 17, 2018

FSC extend Cash Plus deadline

Published:Friday | December 14, 2007 | 6:19 PM

The Financial Services Commission (FSC) has extended the December 10 deadline for Cash Plus to provide a report on its financial affairs.



The new deadline is Thursday December 20.



In an advertisement in today’s Gleaner, the FSC said the reported difficulty of cash plus investors in accessing their interests, has heightened its concern.



The FSC also stated it worried about the closure of Cash Plus bank accounts and reports that some cheques were not being honoured.



According to the FSC, a written demand was sent to Cash Plus on November 28 to make available its financial details.



On that same day the Supreme Court granted Cash Plus an injunction, which bars the National Commercial Bank (NCB) from closing its 26 accounts.



The injunction has been extended to December 17 when the full hearing of the matter is expected to begin.



NCB has been claiming that it has to close the Cash Plus accounts under its Know Your Customer Policy.



At the same time the Jamaica Bankers Association has rejected claims that commercial banks are conspiring against investments schemes.