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Olint wins appeal – accounts stay open
Posted: 2008-07-18 14:29:21
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The embattled investment Club Olint has won its appeal against the National Commercial Bank (NCB), which was trying to close its accounts.
The Court of Appeal this morning overturned a Supreme Court ruling for the accounts to be closed.
Several months ago, NCB served Olint notice that it would close its account in November last year.
Olint took the matter to the Supreme Court and got an injunction barring the bank from closing the accounts.
Mr. Justice Roy Jones, who later heard the arguments from the parties, ruled that the bank could close the accounts.
On the same day, Olint’s lawyers went to the Court of Appeal and got a stay of the Supreme Court order so that the accounts could remain open.
Olint also appealed the Supreme Court order, which was heard in the Court of Appeal this morning.
Olint had also filed a civil suit in which serious allegations were made against NCB.
This morning the Court of Appeal ordered that this suit should go back to the Supreme Court for a speedy trial.
NCB had said it wanted to close Olints accounts because it had failed to submit its audited financial statements among other breaches.
In handing down his ruling, Court of Appeal Judge Seymour Panton said there were serious matters to be tried.
He referred to the power of the bank to close an account where there is no evidence of illegal transactions.
Justice Panton also said there were also serious issues to be tried in relation to allegations of conspiracy with other banks.
Justice Panton said if Olint were to succeed in the civil suit, damages would not be adequate compensation.
Olint wins appeal – accounts stay open
Posted: 2008-07-18 14:29:21
Live Regular updates on Power 106 »» Weather Information
»» More News/Updates
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The embattled investment Club Olint has won its appeal against the National Commercial Bank (NCB), which was trying to close its accounts.
The Court of Appeal this morning overturned a Supreme Court ruling for the accounts to be closed.
Several months ago, NCB served Olint notice that it would close its account in November last year.
Olint took the matter to the Supreme Court and got an injunction barring the bank from closing the accounts.
Mr. Justice Roy Jones, who later heard the arguments from the parties, ruled that the bank could close the accounts.
On the same day, Olint’s lawyers went to the Court of Appeal and got a stay of the Supreme Court order so that the accounts could remain open.
Olint also appealed the Supreme Court order, which was heard in the Court of Appeal this morning.
Olint had also filed a civil suit in which serious allegations were made against NCB.
This morning the Court of Appeal ordered that this suit should go back to the Supreme Court for a speedy trial.
NCB had said it wanted to close Olints accounts because it had failed to submit its audited financial statements among other breaches.
In handing down his ruling, Court of Appeal Judge Seymour Panton said there were serious matters to be tried.
He referred to the power of the bank to close an account where there is no evidence of illegal transactions.
Justice Panton also said there were also serious issues to be tried in relation to allegations of conspiracy with other banks.
Justice Panton said if Olint were to succeed in the civil suit, damages would not be adequate compensation.
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