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April 11, 2008 |
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NATIONAL COMMERCIAL: Court Will Rule on Olint's Appeal on June 2 The Jamaican court will rule on Olint Limited's appeal against the hiring of former Financial Services Commission Chairperson Michael Hylton as one of the National Commercial Bank's legal representatives on June 2, 2008, Radio Jamaica reports. Radio Jamaica relates that the court adjourned the hearing of the appeal last Monday. As reported in the Troubled Company Reporter-Latin America on April 9, 2008, High Court Judge Roy Jones ruled in favor of the National Commercial in an Olint lawsuit that sought to remove Mr. Hylton from the bank's legal team. Olint wanted to bar Mr. Hylton from representing the National Commercial. Olint took out an injunction against National Commercial on Jan. 11, when the bank decided to close the investment club's accounts for being allegedly an unregulated company operating in breach of the Securities Act. Olint assserted that Mr. Hylton was a former solicitor general and chairperson of the FSC, which had issued a cease-and-desist order on Olint Corporation in March 2006. Olint has concerns that Mr. Hylton was a member of the FSC's board when that commission issued the cease-and-desist order. Olint's lawyers said they would be filing an appeal on the court's decision by April 7. 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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