The week that was: July 13-19
published:
Sunday | July 20, 2008
David Smith
Travails of Olint Corp
LAST MONDAY, investors in the embattled investment club Olint Corporation Limited were advised via email that the entity's office in New Kingston would be closed to the public until further notice.
In the letter, club members were told that the closure was due to threats to the lives of employees. "It is with some regret that we advise that as a result of threats to staff members, including a bomb threat within the last few days, which is being taken seriously, the Club Member Care Office will be closed to the public as of Monday, July 14, 2008," the letter stated.
Raided
On that same day, the house of David Smith, boss of Olint Corporation Ltd, was raided by members of the Royal Turks and Caicos Islands Police Force, who seized documents and computers.
But Detective Assistant Superintendent Mark Knighton, who led the operation, said his team from the Financial Crime Unit had found nothing incriminating.
"Our next move is to examine the contents of these documents and see what they reveal," Knighton said.
"I would say that this investigation will take months, rather than weeks, because, to my knowledge, this is just a small number of the documents."
No arrest
Smith has not been arrested by the police.
Though no precise figure can be given on the amount of money invested in the scheme, 'guestimates' have centred on US$600 million (J$43 billion) of principal, and possibly US$2 billion (J$144 billion) when interest payables are added to the mix.
On Friday, Olint Corporation Ltd scored a major victory when the Court of Appeal ruled that its accounts at the National Commercial Bank must not be closed.
The accounts are to remain open until the Supreme Court hears the civil suit, which Olint has filed against the bank. A speedy trial has been ordered in the matter.
Also happening in the news last week...
Peter challenges Portia
Dr PETER Phillips last Sunday confirmed he would make a second bid for the presidency of the People's National Party (PNP), telling an enthusiastic crowd he what it takes to return the party to its socialist roots.
Phillips, member of parliament for East Central St Andrew, will challenge current president, Portia Simpson Miller, during the PNP's annual conference in September.
Suspects identified in Chambers' murder
THE POLICE have identified two suspects in the murder of former Jamaica Urban Transit Company chairman, Douglas Chambers.
The men's identities were released on the Jamaica Constabulary Force's latest instalment of the most-wanted list during a press conference held last week at the Police Officers' Club in St Andrew.
Bill Clarke to retire early
After conflicting reports that William 'Bill' Clarke, president and CEO of the Bank of Nova Scotia Jamaica Limited, had been fired, the bank's parent company in Canada issued a statement on Friday announcing his retirement in October. This is four years earlier than the time Clarke had originally set himself to retire.
Clarke told The Gleaner on Friday that he would not be taking pre-retirement leave but would be on the job until his retirement took effect.
