Harold Brady, attorney for Cash Plus Group Limited, said the management contract with Hilton hotels remains unchanged. - File

Cash Plus Group Limited will continue to operate the Hilton Kingston hotel under the international brand, according to the company's attorney, Harold Brady.

Brady told Wednesday Business that discussions were held with the American hotel management company and that the prevailing contract will remain in effect.

"There will be no changes," he said.

Cash Plus principal Carlos Hill and his managing director, Marie Matthews, will take up seats on the hotel's board of directors, according to the attorney, who also said Ron Kelly, from whom Hill acquired the property, would remain on the board.

Brady confirmed initial reports by The Jamaica Observer that the property was to be upgraded, but said there were no plans to expand.

Diversified portfolio

Cash Plus, a five-year-old company in Jamaica, has built up an expansive array of businesses in its expanding and diversified portfolio of companies. Hill operates in the telecoms, financial, shipping, hospitality, fuels/chemicals, real estate and other sectors. He claims ownership of at least three other executive inn properties in Kingston, Montego Bay and Ocho Rios.

The Financial Services Com-mission (FSC) has been keeping tabs on Cash Plus' operations, and last week issued a formal notice advising that the company was not licensed as a securities dealer or investment adviser - statements it has made before in press reports.

Said the regulator: "The Financial Services Commission has issued a public notice advising that Cash Plus Limited is not licensed by the FSC to conduct securities business in Jamaica and that the securities offered to the public by Cash Plus Limited have not been registered by the FSC."

On Tuesday, Brady said another set of Cash Plus lawyers were examining the statement and would be responding to the FSC.

He maintained the company was not engaged in deposit taking but merely accepted "loans" from clients under terms that were different from other operators in the financial sector.

The returns on those funds are said to run as high as 120 per cent annualised.

The FSC told Wednesday Business that Cash Plus at one time had applied to register a security but was turned down, said deputy director, securities, George Roper, because it did not fully meet the regulator's criteria.

The company did not immediately respond to requests for details of the security. Brady said he would look into it.

business@gleanerjm.com