Cash Plus Financial Statement Raises Concern
At least one financial analyst is expressing concern about the statement published by investment firm Cash Plus yesterday.
The statement, which was published in The Sunday Gleaner, provides information on select companies acquired by Cash Plus and an analysis of its main liabilities.
Among the liabilities named are the Hilton Kingston Hotel, Mainland International Limited, Drax Hall and Melchizedek Limited.
According to financial analyst Ralston Hyman the company’s liabilities exceed its assets. Mr. Hyman is also concerned about the company’s decision to convert its lenders liabilities into preference shares.
The Financial Services Commission, FSC had been raising concern for some time about the failure of the investment scheme to disclose its financial details to investors.
The FSC had given Cash Plus until December 10 to make the disclosure but extended the deadline to last Thursday.
Deputy Executive Director of the FSC George Roper says the Commission is still awaiting some outstanding information from Cash Plus.