Investment Scheme Cash Plus Ltd and six of its affiliated companies were wound up yesterday, following a petition filed in the Supreme Court by attorney-at-law Hugh Wildman, the trustee in bankruptcy.

The other companies which were wound up are Cash Plus Group Ltd, Cash Plus Industries Ltd, Sovereign Security Services Ltd, Cash Plus Commodities Ltd, Cash Plus Shipping Ltd and Cash Plus Development.

Wildman was appointed liquidator yesterday for all the companies.

Supreme Court Judge Roy Anderson, after hearing the application to wind up the companies, said he was satisfied that Wildman complied with the law.

Wildman told The Gleaner yesterday that as liquidator for the companies, he had greater powers under the Companies Act to deal with the assets of the entities. He said he was going to identify the assets and have them sold so that creditors and depositors will get their entitlements.

Wildman said he was now in the process of selling assets advertised earlier this year and people were interested in purchasing the assets.

Court battles ahead

The liquidator disclosed that in respect of some of the properties, there would be court battles as it was being contended that Cash Plus breached agreements. He said two of those properties are Mainland International, a hardware company at March Pen, St Catherine, and the Hilton Kingston hotel. Wildman said Cash Plus had invested US$8 million in the hotel. He said he would make every effort to see if there was any way in which he could get back that money.

Cash Plus Ltd was incorporated on May 5, 2003 and, during the period 2004 to 2007, received lenders' funds totalling $22 billion.

The number of lenders affiliated with the company has been estimated at between 35,000 and 45,000. Several suits filed by depositors claiming millions of dollars are pending in the Supreme court.

Cash Plus boss Carlos Hill, his brother, Bertram, and Chief Financial Officer Peter Wilson are facing fraud charges.

barbara.gayle@gleanerjm.com