Lavern Clarke, Business Editor

The Financial Services Commission (FSC) has issued a new alert about a company called SwissCash, saying it was not licensed to sell securities in Jamaica.

The company, whose website promises returns of 25 per cent per month on U.S. dollar investments, has representatives here soliciting business, according to the regulator.

Spokeswoman Nadene Newsome said the FSC became aware of the activities earlier this year, following calls to its offices.

"They have agents here," Newsome told Wednesday Business.

"These agents have been going around doing seminars."

Principal investment target

SwissCash, which advertises itself as a mutual fund company operational since 1948, says its targeted principal investment from foreign investors is US$10,000 to US$100,000 per person. However, its SwissCash Investment Plan has a minimum requirement of US$100.

Its promised returns of an annualised 300 per cent tops the 120 per cent per year that Cash Plus and Olint Corporation have reportedly been paying out to their clients in Jamaica.

The company's website suggests that pooled funds are invested in development projects, hedge funds, high-yield investments, the foreign exchange market and other areas, and that this portfolio gives SwissCash returns of 25 per cent to 45 per cent per month from which it pays dividends to investors.

Its offices are listed as Madison Avenue, New York in the United States, and Roseau in Dominica, but the latter address is given only as a post office box number.

The New York telephone number listed was no longer in service when Wednesday Business attempted contact Tuesday.

And, the company did not respond to faxed queries.

Last week, the Malaysian Securities Commission issued a notice saying it had obtained "a worldwide Mareva injunction", barring SwissCash and its associates from transacting business and soliciting investments, and from disposing of their assets in and outside of Malaysia.

The FSC's warning about the company, whose activities appear to be Internet-based, was issued three days later, though the regulator had known about the company's activities before.

"Their presence came to our attention earlier this year," said Newsome.

Civil suit

Malaysia said it sought the court order following the filing of a civil suit against Swiss Mutual Fund (1948) SA, SMF International Limited and SMF (1948) International Limited, among others.

"The Mareva also requires the defendants to disclose information pertaining to all their assets in and outside of Malaysia, the companies they have incorporated, and the bank accounts they operate," the release said.

It also bars SwissCash from hosting or operating its websites or any other "which solicit investments for SwissCash or any other Internet investment scheme".

The FSC advises that neither SwissCash nor its investment pro-ducts are licensed or registered in Jamaica.

lavern.clarke@gleanerjm.com