Sat | Dec 15, 2018

Golding to meet with Shaw about Cash Plus

Published:Wednesday | January 2, 2008 | 7:39 PM

The Prime Minister, Bruce Golding, is to meet with the Finance Minister tomorrow to review the impact of the potential Cash Plus fallout on the economy. The meeting follows last week’s order by the Financial Services Commission for Cash Plus to cease operations until it’s licensed to do so.

Mr. Golding says he is meeting with the Finance Minister Audley Shaw to ensure that the Cash Plus situation does not negatively impact the economy. He told The Gleaner/Power 106 News this morning that he will also be meeting with financial regulators soon. He’s maintaining that the Government will not help Cash Plus investors if they lose their money in the high yielding investment scheme.

Today, angry Cash Plus investors again gathered at the company’s Half Way Tree offices demanding their money back. Many of them say they are willing to give up their interest payments but they want back the money they had put into the company.

In recent weeks, investors have been experiencing difficulties getting their interest payments. In a newspaper advertisement on Sunday, Cash Plus said investors should not withdraw their money but instead it’s asking them to roll over their earnings for the next three months to allow for the restructuring of the entity.

Financial analyst, Dennis Chung, says the government and the Financial Services Commission must take action for Cash Plus to provide information on its operations. He is also expressing concern about the effects of alternative investment schemes on the Jamaican economy.

Last week, another financial analyst, Ralston Hyman, advised investors not to put more money in Cash Plus because it’s bankrupt.

Both Mr. Chung and Mr. Hyman say investors should get details on the Cash Plus restructuring programme before continuing business with the company.