Cash Plus unearths funds for investors

The liquidator of the investment firm, Cash Plus Limited, has unearthed US$25 million that Carlos Hill and his brother Bertram are believed to have deposited in a Swiss bank in Dubai in the United Arab Emirates.



Hugh Wildman told a press conference today that he has assembled a legal team to marshall the efforts in Dubai.



Mr Wildman says a team of English lawyers in Dubai has been engaged to assist in reclaiming the funds on behalf of depositors of Cash Plus.



He says the legal team has succeeded through the English courts to serve legal notice on the bank freezing the $25 million.



This has been made possible through the English laws under which one of two branches of the bank operates.



Mr Wildman says one of branches in Dubai is located in the financial centre and is akin to an offshore bank.



He says after serving the injunction on the bank, investigators have located Carlos Hill and also served the court papers on him.



Hill was also served papers for his brother Bertram who resides off the island.



Mr Wildman says his team has a good idea of the assets which are located in Jamaica, but is still unclear on those hidden abroad.



He says his team has good reason to believe that the US$25 million is not the only amount, which has been concealed overseas.



Mr Wildman says the bank in Dubai which appeared to have been in breach of English laws as it is not a deposit taking entity, has been putting up some resistance to the efforts of the legal team in that country.



He disclosed that there are two breaches of the banks in Dubai, one which operates under English jurisdiction and the other under Arabian laws.



The Cash Plus Liquidator says the attorneys are going after the branch, which operates under English jurisdiction.