Wed | Dec 8, 2021

OLINT/NCB court battle

Published:Monday | March 17, 2008 | 12:57 PM

Investment club, OLINT Limited will be in court to try to prevent the National Commercial Bank (NCB) from closing its bank accounts.

The investment firm is seeking to have the court bar the bank from closing three accounts.

The investment club claims that NCB is forcing it to close its accounts, which are operated on behalf of Jamaicans who are entitled to the protection of the laws, which govern the banking sector.

Olint also accused the commercial banks of acting in concert citing the closure of its accounts with other banks.

On Friday, OLINT lost another round in its battle against the bank, when the Court of Appeals ruled that Former Solicitor General, Michael Hylton could represent NCB.

Mr. Hylton is also a former chairman of the Financial Service Commission (FSC), which served a cease and desist order on Olint in March 2006, claiming that it was not regulated by the FSC.

Justice Seymour Panton dismissed Olint\'s application saying if he granted the injunction, NCB would have been done an injustice, as the bank would be deprived of the service of the lawyer of its choice.