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March 4, 2008 |
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NATIONAL COMMERCIAL: Olint's Injunction Against Bank Extended Jamaica's High Court Judge Roy Jones has extended the injunction alternative investment scheme Olint Limited secured to block the National Commercial Bank from closing its accounts, Radio Jamaica reports. As reported in the Troubled Company Reporter-Latin America on Feb. 19, 2008, lawyers representing Olint said that the injunction it secured from the Supreme Court of Jamaica against the National Commercial would be extended further. The Supreme Court granted Olint an extension of the injunction against the National Commercial until Feb. 15, preventing the bank from closing Olint's accounts. Olint had taken out the injunction against the National Commercial on Jan. 11, 2008, when the National Commercial had planned to close Olint's accounts, alleging that the company was unregulated and was operating in breach of the Securities Act. According to Radio Jamaica, the National Commercial and Olint will appear before Justice Jones next Thursday for the ruling on whether to extend the injunction again. Justice Jones will also rule on whether former Solicitor General and one time Financial Services Commission Chairperson Michael Hylton should be removed from the National Commercial's legal team, Radio Jamaica states. Headquartered in Kingston, Jamaica, the National Commercial Bank Jamaica Limited -- http://www.jncb.com/ -- provides commercial and retail banking, wealth management services. The company's services include personal banking, business banking, mortgage loans, wealth management and insurance services. Founded in 1977, the bank primarily operates in West Indies and the UK. * * * As reported in the Troubled Company Reporter-Latin America on Dec. 18, 2006, Standard & Poor's Rating Services affirmed its 'B/B' counterparty credit and CD ratings on National Commercial Bank Jamaica Ltd. S&P said the outlook is stable. As reported in the Troubled Company Reporter-Latin America on May 2, 2007, Fitch Ratings affirmed these ratings on Jamaica- based National Commercial Bank Jamaica Limited: long-term foreign and local currency Issuer Default at 'B+'; short-term foreign and local currency rating at 'B'; individual at 'D'; and support at 4. The rating outlook on the bank's ratings is stable, in line with Fitch's view of the sovereign's creditworthiness. |
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