The UK Privy Council (the final Court of Appeal in Jamaica), has turned down the Appeal by Olint's lawyers, to prevent the National Commercial Bank (NCB) from closing Olint's bank accounts.
The ruling, which was given orally on Monday, agreed with NCB, that these accounts would cause the bank to be in breach of international financial laws regarding money laundering.
NCB, however, is awaiting the official ruling in writing, before it proceeds to close these accounts.
NCB's legal representative in this matter, Dave Garcia, has stated that NCB will not reveal information regarding Olint's investors.
(NCB has been trying since November 2007, to Close Olint's accounts, due to Olint's failure to present audited financial statements to the Bank, under the "Know Your Customer" regulation.
This situation was exasperated when The Financial Crimes Unit (FCII) of the Royal Turks and Turks and Caicos Islands Police Force began formal investigations into Olint's operations, in July 2008.
Olint had applied to the Court of Appeal in Jamaica in December 2007 for an injunction, to prevent NCB from closing its accounts. Olint won its case, which prompted NCB to take the matter to the UK Privy Council.)
Well this is certainly bad news for Olint investors, for if there are any monies to be disbursed when the investigation into Olint is complete, this ruling has now made it very hard for Mr. Smith to do so, via the formal banking system in Jamaica.
It will be interesting to see how he gets around this...if there is indeed any money left to be disbursed.
1) Article, "NCB given green light to close Olint accounts", by Barbara Gayle-Staff Reporter, Jamaica Gleaner, January 28,2009
2) Power 106 FM News at 5:00 p.m, January 27,2009
3) Television Programme, "Business Day", during Television Jamaica News at 7:00 p.m., January 27,2009