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Johnson welcomes Golding decision on investment schemes

Published:Monday | January 7, 2008 | 9:46 AM

Financial Analyst, Orville Johnson is describing as long overdue the action taken by Prime Minister Bruce Golding to address the growing concerns about unregistered investment schemes.

Last Friday Mr. Golding asked the Finance Minister Audley Shaw and minister without portfolio Don Wheby, to meet with the Attorney General and representatives from the Financial Services Commission (FSC) on the issue.

The Ministers were asked to examine any deficiencies in the existing regulatory process that would require adjustment, and the options in relation to assets held by operators of the schemes.

Mr. Golding said the move was aimed at protecting the integrity of the country’s financial system and establishing the legislative framework, for other investment schemes that may develop in the future.

Mr. Johnson is also suggesting that the government provide a way to help investors in the event that the unregistered schemes go bankrupt.

Golding expects report

Prime Minister, Bruce Golding is expected to receive a report on the outcome of the discussions by the Finance Minister led team today.

FSC has taken action against investment club Cash Plus Limited by ordering the operators to stop conducting securities business until a licence is obtained.