Ok friends, Girl With a Purpose Blog has sad news to report this afternoon.
Cash Plus' Receiver, Kevin Bandoian,from PriceWaterhouseCoopers USA, has completed his assessment of the actual assets belonging to the company and has declared Cash Plus insolvent .
In a preview of his final report, yesterday, Mr. Bandoian stated that neither Cash Plus, nor its eighty (80) affiliates, have enough money to pay its clients (lenders), on April 14, 2008, as promised.
In a related incident, the Jamaican police from the Organized Crime and Investigations Division (OCID) surrounded the Norbrook home of Cash Plus Chairman, Carlos Hill, in a surprise pre-dawn raid, this morning.
(Norbrook is an upper-middle class neighbourhood in St. Andrew, Jamaica)
They seized five( 5) luxury vehicles worth over JMD $30 million and have arrested Mr. Hill.
They have also conducted raids on the houses of some other Cash Plus' senior managers and have vowed to continue raids on other Cash Plus residences.
Several Cash Plus senior managers have also been arrested.
Assistant Commissioner of Police (ACP), Les Green, has asked Cash Plus lenders with dishonored cheques, to file formal reports of fraud on Cash Plus, on the designated form on Ministry of National Security website at www.mns.org.jm.
(This can be found under the link entitled "Witness Statement Re Cashplus", to the top right-hand-side of the page. )
Will keep you updated of events as they unfold in the Cash Plus saga, as soon as they become available.
Please read our previous post for background information...
To get a chronology of events re Cash Plus, please use the Google Search bar, under the section entitled,
"Search This Site or the Web Here!" to the top left-hand-side of our posts and type in "Cash Plus":
This will give you resultant posts that outline this.
Gillian
Sources Include:
a) Television Jamaica News at 7:00 p.m. , April 9, 2008
b) Nationwide Radio, April 10, 2008
c) Article, "Cash Plus broke- Receiver says investment club has no money to pay out", by Arthur Hall Senior Staff Reporter, Jamaica Gleaner, April 10, 2008
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