Please read this post, to get a background to the following:
Officials in the Turks and Caicos Islands, went to court on Monday, to try to get the court to appoint a liquidator to wind up Olint's businesses.
[A wind-up order was previously granted on David Smith's (Olint's former founder and CEO) other TCI-based firm, FX Traders.]
This follows a statement by Turks and Caicos Islands (TCI) Attorney General-Kurt de Freites, last week, that Olint is penniless and well short of money to pay investors.
According to article, "Olint TCI investors could be left penniless":
In January, the TCI High Court refused to lift the freeze order on Smith’s assets. He (Smith) had wanted them released to honour a promise to make payments owed to clients attracted by Olint's 10 per cent per month return on investments.
A number of lawsuits are already in progress in a bid to claw back some of the cash. The value of claims in the TCI alone tops $15m. Several internet sources place the book value of the company at almost $1 billion with $350m in deposits.
Oliver Smith, representing both the firm and its two directors, Smith and wife Tracy, is opposing the appointment of the liquidator put forward by the Attorney General on the grounds that he performed an audit in August 2008 and may be called as a witness.
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Proceedings continue in the TCI High Court today.
So,What of David Smith?
David Smith should be returning to court on August 5,2009, to answer to charges of:
- 2 counts of uttering false documents
- 4 counts of false accounting
- 2 counts of theft.
He is currently out on US $1 million bail.
(I would like to thank for planetschwa for the use of his Flickr inset phto, above, of a 'wind up reaper' toy).
Gillian
Sources Include
1) Article, "Olint's winding up case continues",via Go-Jamaica.com,June 2,2009
2) Article, "Olint TCI investors could be left penniless",Turks and Caicos Weekly News, June 2,2009
3) Power 106 NEws at 5:00,June 1,2009
4) Article, "Olint faces winding up in TCI", Go-Jamaica.com, June 1,2009
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