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other than that them a send me Hedo and them place deh when mi type in Negril Holdings.
Privy Council to decide whether FIS pays $110m
THE COURT of Appeal yesterday granted a stay to the Government-owned Financial Institutions Services (FIS), in regard to paying the $110-million Supreme Court award which had been granted to hotelier John Sinclair and his companies.
The stay was granted after lawyers for FIS applied to the court for a stay of execution after leave was granted for FIS to take the case to the United Kingdom Privy Council.
In March, by majority decision, the Court of Appeal upheld the Supreme Court's award.
FIS is applying on the grounds that the case is one of great general and public importance, especially for the banking community of Jamaica.
Sinclair and his companies, Negril Negril Holdings and Negril Investments Co. Ltd., had sued Century National Bank for $70 million because of high interest rates charged on their overdraft accounts. In 1996, the Minister of Finance closed the Century financial entities headed by Don Crawford, and FIS was substituted as the defendant in the suit.
Senior Puisne Judge Mr. Justice Lloyd Ellis ruled in Sinclair's favour in 1997, and FIS appealed and lost on March 15 this year. FIS was ordered by the Supreme Court to lodge the $70 million in an interest-bearing account. The money has been lodged in the National Commercial Bank since 1997, and with interest, now amounts to $110 million. Attorney-at-law Dave Garcia of the law firm Myers, Fletcher and Gordon, filed an affidavit on March 27 in support of the application. Garcia stated that "the appeal involves issues regarding the nature of the relationship between bankers and customers, in particular, the facts which may give rise to a presumption of undue influence, the circumstances in which commercial banks in Jamaica may vary interest rates and charge compound interest, the rates of interest chargeable, and the interpretation of clauses in banker-customer contracts, regarding interest and the verification of bank." He said further that the importance of the issues involved in the appeal was recognised in the judgements of the Court of Appeal.
Privy Council to decide whether FIS pays $110m
THE COURT of Appeal yesterday granted a stay to the Government-owned Financial Institutions Services (FIS), in regard to paying the $110-million Supreme Court award which had been granted to hotelier John Sinclair and his companies.
The stay was granted after lawyers for FIS applied to the court for a stay of execution after leave was granted for FIS to take the case to the United Kingdom Privy Council.
In March, by majority decision, the Court of Appeal upheld the Supreme Court's award.
FIS is applying on the grounds that the case is one of great general and public importance, especially for the banking community of Jamaica.
Sinclair and his companies, Negril Negril Holdings and Negril Investments Co. Ltd., had sued Century National Bank for $70 million because of high interest rates charged on their overdraft accounts. In 1996, the Minister of Finance closed the Century financial entities headed by Don Crawford, and FIS was substituted as the defendant in the suit.
Senior Puisne Judge Mr. Justice Lloyd Ellis ruled in Sinclair's favour in 1997, and FIS appealed and lost on March 15 this year. FIS was ordered by the Supreme Court to lodge the $70 million in an interest-bearing account. The money has been lodged in the National Commercial Bank since 1997, and with interest, now amounts to $110 million. Attorney-at-law Dave Garcia of the law firm Myers, Fletcher and Gordon, filed an affidavit on March 27 in support of the application. Garcia stated that "the appeal involves issues regarding the nature of the relationship between bankers and customers, in particular, the facts which may give rise to a presumption of undue influence, the circumstances in which commercial banks in Jamaica may vary interest rates and charge compound interest, the rates of interest chargeable, and the interpretation of clauses in banker-customer contracts, regarding interest and the verification of bank." He said further that the importance of the issues involved in the appeal was recognised in the judgements of the Court of Appeal.
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