Another financial analyst is expresses concern about Cash Plus
Another financial analyst is expressing concern about the effects of alternative investment schemes on Jamaica’s economy. Dennis Chung, says the government needs to intervene in the ongoing battle between Cash Plus Limited and the Financial Services Commission.
Mr. Chung says the government and the regulating body need to take action even if the investment club does not voluntarily provide information. He was speaking this morning on Real Business on Power 106. Last week, another financial analyst, Ralston Hyman, advised investors not to pump any more money into Cash Plus.
On Sunday, the embattled company published an advertisement in the press asking investors not to withdraw their money. Cash plus also requested that investors roll-over their interest payments for three months in order to facilitate a restructuring of the company.
On Friday the FSC issued a “cease and desist” order on the investment club which effectively prevents it from conducting any further securities business until it obtains a license from the regulating body. Both Mr. Chung and Mr. Hyman are advising investors to get details on Cash Plus’ restructuring programme before continuing business with the company.\\