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Probe turns up more Cash Plus companies
published: Monday | April 21, 2008
The court-appointed co-receiver/manager for Cash Plus Limited, Kevin Bandoian, says he has discovered more companies affiliated with the investment scheme than were disclosed by the police two weeks ago.
In a release issued on the weekend, Bandoian said he has discovered that 200 companies are affiliates of the Carlos Hill-led Cash Plus Limited and its former executives.
Shortly after Hill was arrested and charged with fraud, the police announced that they had found records indicating that there were 186 companies affiliated to Cash Plus or to Hill himself.
Hill's brother, Bertram, and the chief financial officer at Cash Plus, Peter Wilson, have also been charged.
Entities increasing
Meanwhile, Bandoian, a chartered accountant employed to PricewaterhouseCoopers in the United States, said the number of entities continues to increase daily.
But, he says, several of them have apparently never traded since their incorporation, or have minimal revenue-generating activities and incomplete financial accounts.
The police further said they would be seeking to confirm the existence of more than US$4.6 billion (J$326.6 billion) stashed across the globe, for which documentation was seized from the home of Hill during a raid.
The co-interim receiver/manager said he could provide no new information to Cash Plus lenders at this time as it related to repayment. He said lenders, creditors and customers would have to await the court's instructions and advice after he submits his report on May 5.
Documents found at Hill's premises on the day of the arrest showed more than US$4.6 billion was lodged in various countries, in the name of Galina Trust Limited, which is registered in the Turks and Caicos.
The Major Investigations Task Force, the Organised Crime Investigation Division and the Fraud Squad are leading the police probe into the financial status and assets of the unregistered investment scheme.
Share findings
The court has also given authority to the co-interim receiver/manager to ask the authorities in Jamaica or any other jurisdiction to share their findings in accordance with the March 31 order.
When contacted yesterday, Assistant Commissioner of Police Les Green told The Gleaner that he was unable to give any further information on the matter as it was now before the court.
Carlos Hill and his brother, Bertram, were last week denied bail in the Half-Way Tree Resident Magistrate's Court. Wilson, however, was granted bail in the sum of $5 million.
The Cash Plus boss, who is facing four counts of fraudulent conversion and four counts of obtaining money by false pretence, is expected to make his next court appearance on May 14. He is also charged with one count of conspiracy to defraud, while Bertram and Wilson are each charged with one count of conspiracy to defraud.
published: Monday | April 21, 2008
The court-appointed co-receiver/manager for Cash Plus Limited, Kevin Bandoian, says he has discovered more companies affiliated with the investment scheme than were disclosed by the police two weeks ago.
In a release issued on the weekend, Bandoian said he has discovered that 200 companies are affiliates of the Carlos Hill-led Cash Plus Limited and its former executives.
Shortly after Hill was arrested and charged with fraud, the police announced that they had found records indicating that there were 186 companies affiliated to Cash Plus or to Hill himself.
Hill's brother, Bertram, and the chief financial officer at Cash Plus, Peter Wilson, have also been charged.
Entities increasing
Meanwhile, Bandoian, a chartered accountant employed to PricewaterhouseCoopers in the United States, said the number of entities continues to increase daily.
But, he says, several of them have apparently never traded since their incorporation, or have minimal revenue-generating activities and incomplete financial accounts.
The police further said they would be seeking to confirm the existence of more than US$4.6 billion (J$326.6 billion) stashed across the globe, for which documentation was seized from the home of Hill during a raid.
The co-interim receiver/manager said he could provide no new information to Cash Plus lenders at this time as it related to repayment. He said lenders, creditors and customers would have to await the court's instructions and advice after he submits his report on May 5.
Documents found at Hill's premises on the day of the arrest showed more than US$4.6 billion was lodged in various countries, in the name of Galina Trust Limited, which is registered in the Turks and Caicos.
The Major Investigations Task Force, the Organised Crime Investigation Division and the Fraud Squad are leading the police probe into the financial status and assets of the unregistered investment scheme.
Share findings
The court has also given authority to the co-interim receiver/manager to ask the authorities in Jamaica or any other jurisdiction to share their findings in accordance with the March 31 order.
When contacted yesterday, Assistant Commissioner of Police Les Green told The Gleaner that he was unable to give any further information on the matter as it was now before the court.
Carlos Hill and his brother, Bertram, were last week denied bail in the Half-Way Tree Resident Magistrate's Court. Wilson, however, was granted bail in the sum of $5 million.
The Cash Plus boss, who is facing four counts of fraudulent conversion and four counts of obtaining money by false pretence, is expected to make his next court appearance on May 14. He is also charged with one count of conspiracy to defraud, while Bertram and Wilson are each charged with one count of conspiracy to defraud.
Cash Plus lenders can request information on their individual accounts by writing to: Cash Plus Ltd (in receivership) PO Box 606, General Post Office, Kingston; or email cpreceiver@cashplusltd.com