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Injunction keeps Olint\'s Accounts Open until Tuesday

Published:Friday | April 18, 2008 | 4:43 PM

Supreme Court Judge, Justice Roy Jones has given the go ahead for the National Commercial Bank (NCB) to close the accounts of investment club OLINT.



Justice Jones handed down the ruling this morning, a month after reserving judgment in the case.



OLINT’S lawyers, Georgia Gibson-Henlin and Maurice Manning went to the Court of Appeal and got an injunction, barring NCB from closing the accounts.



The injunction remains in force until Tuesday, when the lawyers for NCB and OLINT will present their arguments.



The court will then decide whether the injunction will be extended.



OLINT’s lawyers said they would be appealing against the ruling for NCB to close its three accounts.



OLINT argued that by threatening to close the accounts, NCB breached the Banking Act.



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



OLINT also accused commercial banks of collusion, citing the closure of its accounts with other banks