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Carlos Hill still awaits charges

Published:Tuesday | April 15, 2008 | 6:57 PM

Charges are yet to be laid against Chief Executive Officer of Cash Plus Limited, Carlos Hill, his brother, Bertram and Chief Financial Officer, Peter Wilson.



The three are to be charged with fraud following the collapse of the failed alternative investment entity, and should appear in the Corporate Area Resident Magistrates Court on Thursday.



The latest development follows the arrest of the three last Thursday after investigators raided the Norbrook, St Andrew house of Carlos Hill.



At a press conference this morning Assistant Commissioner of Police Les Green said the charges are based on several interviews conducted with investors who have complained of fraud.



ACP Green also disclosed that documentation found suggested that Hill had sums in the form of loans, bank guarantees or letters of credit amounting to more than US$4 billion at several overseas banks.



The countries involved include the Dominican Republic, Turks and Caicos Islands as well as countries in Europe and Asia.



ACP Green said the investigations revealed an additional 106 companies that may be directly linked to Carlos Hill and not the Cash Plus group of companies.



This would be in addition to the 80 properties already disclosed.



ACP Green was careful to caution that investigators are now trying to confirm whether the overseas based funds actually exist.



He said assistance is being sought from the various countries to extend the investigations.



The men are currently being held at the Horizon Adult Remand Centre on Spanish Town Road in Kingston.