Carlos Hill

The Carlos Hill-led Cash Plus Ltd. was on Monday granted a further injunction which bars National Commercial Bank from closing some 26 accounts which it has with the bank.

The bank has served notice that it will appeal the decision.

Senior Puisne Judge Marva McIntosh, after hearing submissions from the lawyers representing the parties, extended the injunction until January 24.

It is expected that the suit, which Cash Plus has brought against the Financial Services Commission seeking several declarations, will be disposed of before the injunction expires. The suit has been set for hearing on January 23.

Injunction arguments

Attorney-at-law Sandra Minott-Phillips, who represents the bank, had opposed the application for an injunction. Attorney-at-law Harold Brady, who represents Cash Plus, said the case involving the FSC was an integral part of the issue, therefore, an injunction should be granted until that case had been heard.

The judge upheld Mr. Brady's application and granted leave for the bank to appeal against her ruling.

Cash Plus has taken the FSC to court seeking declarations as to whether the nature of its business requires it to be registered under the Securities Act as the FSC is contending.