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Financial Services Commission (FSC) gets Cash Plus report
published: Monday | December 24, 2007
The Financial Services Commission (FSC) says it has now received a report from Cash Plus Limited on its financial affairs.
Deputy executive director of the FSC, George Roper, confirmed receiving the report on Friday. However, he did not release any details.
But it is understood that the report submitted by Cash Plus does not provide some of the information that was requested by the FSC.
Meanwhile, Cash Plus, which has come under pressure from financial regulatory authorities and commercial banks, yesterday published two full-page advertisements in The Gleaner outlining its unaudited financial results.
The statement provides information on Cash Plus' consolidated of selected companies and an analysis of its main liabilities.
Cash Plus named its liabilities as the Hilton Kingston hotel, Mainland International Limited, Drax Hall and Melchizedek Limited.
Tough competition for banks
For months now, the FSC has been raising concerns about the failure of the so-calle investment scheme to disclose its financial details to investors. The FSC had written Cash Plus on November 28, demanding financial information. Cash Plus offers yearly interest payments between 120 per cent and 200 per cent, thus giving tough competition to commercial banks.
Cash Plus was given until December 10 to submit the information. But that deadline was extended to last Thursday.
On Friday, several Cash Plus investors gathered at the institution's Half-Way Tree offices demanding interest payments. The payments had been due since November 30. The company has said payments will be made next year.
published: Monday | December 24, 2007
The Financial Services Commission (FSC) says it has now received a report from Cash Plus Limited on its financial affairs.
Deputy executive director of the FSC, George Roper, confirmed receiving the report on Friday. However, he did not release any details.
But it is understood that the report submitted by Cash Plus does not provide some of the information that was requested by the FSC.
Meanwhile, Cash Plus, which has come under pressure from financial regulatory authorities and commercial banks, yesterday published two full-page advertisements in The Gleaner outlining its unaudited financial results.
The statement provides information on Cash Plus' consolidated of selected companies and an analysis of its main liabilities.
Cash Plus named its liabilities as the Hilton Kingston hotel, Mainland International Limited, Drax Hall and Melchizedek Limited.
Tough competition for banks
For months now, the FSC has been raising concerns about the failure of the so-calle investment scheme to disclose its financial details to investors. The FSC had written Cash Plus on November 28, demanding financial information. Cash Plus offers yearly interest payments between 120 per cent and 200 per cent, thus giving tough competition to commercial banks.
Cash Plus was given until December 10 to submit the information. But that deadline was extended to last Thursday.
On Friday, several Cash Plus investors gathered at the institution's Half-Way Tree offices demanding interest payments. The payments had been due since November 30. The company has said payments will be made next year.