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April 25, 2008 |
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CASH PLUS: Defense Lawyers to Seek Bail for Carlos Hill Again The attorneys for Cash Plus Ltd.'s President Carlos Hill will make another attempt to have their client released, The RJR News Center reports. As reported in the Troubled Company Reporter-Latin America on April 21, 2008, the Half way Tree Criminal Court denied the request for bail by the defense attorneys for Mr. Hill. Mr. Hill was charged with fraud after police officers raided his house in response to complaints from investors who accused Cash Plus of fraud. Specifically, investors complained that cheques received from the firm bounced. Mr. Hill's brother Bertram and Cash Plus' Chief Financial Officer Peter Wilson also faced fraud charges. The Hill brothers and Mr. Wilson were charged with five counts of fraudulent conversion and one count of conspiracy. Mr. Hill's legal representatives will try to obtain bail from the Jamaican Supreme Court, Radio Jamaica states. Cash Plus Limited is an investment club in Jamaica. It collapsed in 2007 after the Financial Services Commission moved to regulate its operations. The company is a financial arm of the Cash Plus Group of Companies, a business conglomerate established in 2002 by mortgage banker Carlos Hill. The company offers its participants the opportunity to participate in the group's ventures which include mergers and numerous acquisitions. In April this year, the Supreme Court of Jamaica placed Cash Plus into receivership. Cash Plus admitted that it wouldn't be able to pay its lenders until April 14. The firm has 40,000 lenders with loans totaling J$4 billion. Cash Plus was unable to repay its investors. The Financial Services Commission said it was informed by the attorney acting on behalf of Cash Plus that the investment club lacked the funds to start the repayment of the principal and interest owing to its investors. PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as joint receiver-manager for Cash Plus. |
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