Garwin Davis, Gleaner Writer

Regulators at the The Financial Services Commission have consistently warned against doing business with unlicensed high-return investment schemes. Its last alert was issued a week ago about SwissCash. - File

Saying it was in no way engaged in foreign currency trading, Cash Plus Limited this week denied any links to SwissCash, an international investment company which promises returns of 25 per cent on investments.

Cash Plus Vice President of Operations, Christopher Goul-bourne, said there was heavy speculation that his company had invested some of its own funds in the company.

"It has been suggested that one of the two popula investment schemes in the island has a significant investment in Swiss Cash," said Goulbourne.

"It has also been said that Swish Cash attracted investors eager, but unable to deposit funds with the popular Turks & Caicos-based foreign currency trading firm. It was also implied that the company in question could afford to pay a 10 per cent return because they are receiving 25 per cent."

The comments, he added, were clearly directed at Cash Plus and Olint.

"Although no names were explicitly stated, the two recognisable 'schemes' in the island are Olint and Cash Plus Limited," he said.

"It is a shame that whenever something like this happens, there are those who are all-too-willing to point fingers, even if they are hiding while doing so."

Warning

The Financial Services Commission (FSC) has been on the alert warning the public that SwissCash was not licensed to sell securities in Jamaica, after learning that agents of the company were in the island conducting seminars.

SwissCash, which advertises itself as a mutual fund company, is asking US$10,000 to US$100,000 per investor. The company is under the microscope in Malaysia, whose courts have frozen the company's assets on the application of the Securities Commission there.

Cash Plus, which is also not licensed to trade securities, says it has never claimed to be in the business of investments.

"Cash Plus Limited is the financing arm of the Cash Plus Group of Companies," said Goulbourne.

"It is not a financial institution and has never claimed to be one. We have never had any involvement with SwissCash or any such scheme, and does not engage in foreign currency trading. An enquiry by any well-thinking individual would immediately determine this."

Nonetheless, the company remains under the scrutiny of the FSC and both are in talks.

The parties, however, have to now not provided any details on the direction of the discussions.

"All I can tell you is that we have been having some constructive dialogue with the FSC but our lawyers would be more equipped to elaborate," said the vice-president."

3,000 empoyess

"Cash Plus provides employment to over 3,000 employees throughout its diverse group of companies which are involved in day-to-day commercial trading activities," said Gouldbourne.

Its holdings extend across diverse sectors, including distribution, gaming, hospitality, telecommunications, entertainment, security, real estate and construction and industrial services, "which bring a substantial profit to the group and greatly benefit the consumer while adhering to the best business practices," said the VP.

"We have been doing business for the past five years, in a very transparent manner."

Cash Plus, over the period, has established 14 offices in Kingston, 30 distribution outlets islandwide, and over 60 businesses, Goulbourne said.

business@gleanerjm.com