Is David Smith to be Believed?

counting01
Originally uploaded by Il Primo Uomo

The following is a continuation of our posts re Olint, the Alternative Investment Scheme, owned by Jamaican, David Smith, and domiciled (based) in the Turks and Caicos Islands.

(We apologize that we were not able to post, yesterday, as promised in our Comments section on Saturday.)

Ok, so on Friday, the Jamaican public was given more information re the current investigations by the Financial Crimes Unit (FCII) of the Royal Turks and Caicos Islands Police Force, into Olint.

What we now know is:

1. The Financial Crimes Unit (FCII) of the Royal Turks and Turks and Caicos Islands Police Force (TCI Police) have confirmed that Olint's clients/members will not receive their monies until after the investigations have been completed in three (3) month's time


2. The TCI Police say that they will speak with Mr. Smith, when they have completed the examination of all the documents and computer records they collected from Mr. Smith's business place and homes


3. Mr. Smith has hired three (3) top-profile Jamaican-affiliated lawyers: Jacqueline Samuels-Brown, Tom Tavares-Finson and Lord Anthony Gifford Q.C., to challenge the current proceedings against Olint, taking place in the Turks and Caicos Islands.

[This challenge will be based on its permissibility and constitutionally (according to Turks and Caicos/British law, since the Turks and Caicos Islands are still a British colony.)]

In a press release on Friday, July 18, 2008, under the signatory of his lawyers, Smith:

a) Stated that he remains dedicated to his club members

b) Admits that the company's accounting and record-keeping systems have been dislocated and as a result, some members were overpaid

c) Stated that he will fulfill obligations to make payments to his members in nine (9) months.

In related news:

The Jamaican Court of Appeal has upheld the ruling that bars National Commercial Bank of Jamaica Ltd.(NCB) from closing any of Olint's accounts.

Mr. Michael Hyton Q.C., former Solicitor General and Chairman of the Financial Services Commission, will be able to represent NCB, in its case against Olint, even though Olint asked for a ruling to prevent this from happening.

(Olint claimed conflict of interest, since Mr. Hylton was privy to certain confidential information re the company, in his former roles as Solicitor General and Chairman of the Financial Services Commission.

Please read this article, for more information.)

Friends, all I can say is that we have interesting days ahead:

But I want to draw attention to David Smith's last statement..."members will be repaid in full after nine (9) months.."

What does this mean, exactly?...

Is it that some (or all) of Olint's money (which had been scheduled for payment) is now gone, so now David Smith has to make up for the shortfall?...

Or is it that Mr. Smith was not making enough money to live up to his obligations for payment (15% interest per month.)

Hmmmh??...

Olint is said to have had cash assets worth between USD $600-800 million:

Even if Mr. Smith is exonerated of all charges, there are questions that arise from these investigations, that are germane:

1. How could a business with so much cash, not even have a small accounting team to ensure that it's records were kept in order and auditable?


2. Will those clients/members who Mr. Smith claims to have been overpaid, be asked to return the money?


3. Who exactly will be paying for the top-profile lawyers who are now in the Turks and Caicos Islands, seeking to defend Mr. Smith?..

        [Are they being hired pro bono (for free)?.. .Or will their fees be paid out of Mr. Smith's pockets or those of Olint members (eventually)?]

==========

I really think that Mr. Smith is suffering from a credibility problem.

In that he has made promises before, to pay clients, but has not kept them...

So, the question is, can he now be believed?

Gillian

Sources Include:

1) Article,"Olint wins round two of legal battle", by Barbara Gayle, Staff Reporter-the Jamaica Gleaner, July 19, 200

2) Nationwide Radio, July 18, 2008

3) Television Jamaica News at 7:00 and 10:00 p.m., July 18, 2008