Dionne Rose & Barbara Gayle, Staff Reporters

The Supreme Court has granted a 10-day injunction barring National Commercial Bank (NCB) from closing the accounts of investment club Olint Corporation Limited.

Justice Leighton Pusey granted the injunction yesterday after hearing legal arguments from attorneys-at-law Georgia Gibson-Henlin and Maurice Manning.

The ex parte injunction also prevents NCB from disposing of or destroying the communications within NCB, and communications between NCB and other commercial, banking and financial institutions regarding Olint, its accounts and the closure for the period January 2, 2007 to December 31, 2007.

Olint free to use accounts

It also prevents the bank from interfering with Olint's use and operation of its accounts to make deposits, withdrawals, tender and negotiate cheques and generally any and all other transactions, which would be exercised by Olint during the normal course of operating these bank accounts until January 25.

In presenting the case, Olint's lawyers argued that NCB had "abused its position of dominance" in threatening to close its accounts. The lawyers also claimed the financial institution had breached the Fair Competition Act, as it had refused or threatened not to supply banking services. It has also accused the bank of discriminating against it.

Bank intended to close accounts

Meanwhile, in a correspondence to club members, obtained by The Gleaner, Olint said NCB had intended to close the accounts yesterday.

The club has vowed that it will do everything legally within its powers to ensure that club members are not denied the service.

"It is our considered view that a refusal by NCB for us to continue operating bank accounts with them is the same as denying you this service," said the letter to club members, signed by David Smith of Olint. "And that, to our minds, is unacceptable."

When contacted yesterday, a spokesperson from NCB was unable to immediately provide a statement on the matter.

The judge has set the matter for January 24 when both parties are expected to appear in court.