Olint Update: Good News for Olint Investors?

Treasure Chest
Originally uploaded by Poet for Life (more off than on these days)

Today, Nationwide Radio reported that Detective Seargent William Billiard, of the Royal Turks and Caicos Islands (TCI) Police Force, said that the TCI Police have found and seized half of the money to repay Olint investors.

(So far US $6.5 million have been found in the Turks and Caicos Islands, alone).

He also said that:

1) A Liquidator has been appointed by the TCI High Court, who will seek to identify Olint TCI's corporate structure and find, trace and recover any more assets of the failed Investment Scheme

2) Additional criminal charges are to be levied against former Olint founder and CEO, David Smith. [He is to return to court on August 5, 2009, to answer to eight (8) criminal charges].

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My humble suggestion to Olint investors, is that they try to monitor the liquidation process, to ensure that it takes place in an efficient manner and not be as drawn out as the Cash Plus case.

If this happens, then they might find themselves in the same position as Cash Plus investors, where most of the money that should have been paid to them, will have to be diverted to pay persons overseeing the liquidation process, instead. (Namely the liquidation team and lawyers).

So, Olint investors shouldn't rejoice just yet.

(I would like to thank Poet for Life (more off than on these days) for the use of his Flickr inset photo of a treasure chest, above).

Gillian

Source Includes:

Nationwide Radio news at 6:00 p.m., June 9,2009

Comments

[Gillian Campbell]

Hi Annmarie,

Thanks much for your comment!

My apologies for just responding.

Well, you can monitor the Liquidator's progress, via the official website set up for communication among himself and Olint investors, at
http://site.olinttciliquidation.com/ .

Additionally, you can call PriceWaterhouseCoopers Ltd., at 1-649-946-4890, to make further enquiries.

I just heard on the news, today, that the Liquidator is only seeking to reimburse Olint TCI investors.

So, yes, it would be advisable for Jamaican investors to:

1) Form a group to monitor this process (with an honest lawyer, who will be truthful with you, especially about the monies you will realistically be reimbursed) to ensure that your interests are being served.

2) Make their claims, immediately!

Please follow the news and posts on this blog related to this,ok?

I should be posting by tonight, re the latest news from the Liquidator.

Gillian

[Annmarie]

How do Jamaican investors in Olint monitor (or get involved) the liquidation process?
Seems to me that it is time for us to organise ourselves more seriously and get something done in our favor.