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Smith arrested
Olint boss arrested in Turks and Çaicos
Friday, February 06, 2009
David Smith, the embattled principal of alternative investment club Olint, was yesterday arrested by police in the Turks and Çaicos Islands and charged with fraud, the authorities there have reported.
The arrest, the authorities said, was made after 2:00 pm and Smith was granted US$1 million bail. However, the Observer was unable to ascertain the details of the charges.
Yesterday's action comes just over three weeks after the Turks and Çaicos Islands High Court refused to lift a freeze order on Smith's assets. However, the court said that the application could be renewed at any time after March 11. The court also ordered that details of the judgement should not be released to the media.
SMITH. granted bail
Smith's assets in the Turks and Çaicos - where Olint is now based after moving from Jamaica in the face of mounting pressure - were frozen in July 2008 by way of a court order as part of an investigation by the police there into allegations of financial crimes.
At the time, Turks and Caicos Islands Deputy Commissioner of Police Hubert Hughes said officers from the Turks and Caicos' Financial Investigation Unit seized evidence from Smith's house after obtaining court permission in order to probe allegations of financial crimes.
Asked what had triggered the police action, DCP Hughes said: "That was as a result of information received by my Financial Investigation Unit and as a result a warrant was applied for and executed on his premises."
DCP Hughes had said that after the evidence was thoroughly and properly reviewed a formal interview would be conducted with Smith.
He also said that Smith had not been arrested, was free to travel and was under no restriction to operate his companies in the Turks and Caicos Islands.
Last November, and again last month, arguments were made for the freeing up of the assets.
In a release following Justice Richard Williams' decision last month, Smith said he would be consulting with his legal team on the matter.
"I am now consulting with my legal team on all aspects of the case, and will communicate with you again after these consultations have been concluded," he said.
Smith wanted his assets released to make good on a promise made last July to make payments owed to investors, the majority of whom are among Jamaica's more affluent citizens who were attracted by Olint's 10 per cent per month return on investments.
Olint boss arrested in Turks and Çaicos
Friday, February 06, 2009
David Smith, the embattled principal of alternative investment club Olint, was yesterday arrested by police in the Turks and Çaicos Islands and charged with fraud, the authorities there have reported.
The arrest, the authorities said, was made after 2:00 pm and Smith was granted US$1 million bail. However, the Observer was unable to ascertain the details of the charges.
Yesterday's action comes just over three weeks after the Turks and Çaicos Islands High Court refused to lift a freeze order on Smith's assets. However, the court said that the application could be renewed at any time after March 11. The court also ordered that details of the judgement should not be released to the media.
SMITH. granted bailSmith's assets in the Turks and Çaicos - where Olint is now based after moving from Jamaica in the face of mounting pressure - were frozen in July 2008 by way of a court order as part of an investigation by the police there into allegations of financial crimes.
At the time, Turks and Caicos Islands Deputy Commissioner of Police Hubert Hughes said officers from the Turks and Caicos' Financial Investigation Unit seized evidence from Smith's house after obtaining court permission in order to probe allegations of financial crimes.
Asked what had triggered the police action, DCP Hughes said: "That was as a result of information received by my Financial Investigation Unit and as a result a warrant was applied for and executed on his premises."
DCP Hughes had said that after the evidence was thoroughly and properly reviewed a formal interview would be conducted with Smith.
He also said that Smith had not been arrested, was free to travel and was under no restriction to operate his companies in the Turks and Caicos Islands.
Last November, and again last month, arguments were made for the freeing up of the assets.
In a release following Justice Richard Williams' decision last month, Smith said he would be consulting with his legal team on the matter.
"I am now consulting with my legal team on all aspects of the case, and will communicate with you again after these consultations have been concluded," he said.
Smith wanted his assets released to make good on a promise made last July to make payments owed to investors, the majority of whom are among Jamaica's more affluent citizens who were attracted by Olint's 10 per cent per month return on investments.
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