Barbara Gayle, Staff Reporter

Attorney-at-law Harold Brady, one of the lawyers representing Cash Plus Ltd, said that Cash Plus would be taking steps immediately to go to the Court of Appeal to get an order to stay the judge's order to close its remaining accounts with the National Commercial Bank (NCB).

This, after Dave Garcia, a general manager at NCB, said: "The Cash Plus accounts will be closed today (yesterday) and whatever money is left in the accounts will be returned by manager's cheque". His comments came shortly after the court ruling.

But Cash Plus' Vice-president Chris Goulbourne told The Gleaner after the court ruling that "nothing has changed".

Goulbourne claimed it would be business as usual and that a statement would be made to investors by early next week.

"All that has taken place is that one company is challenging the next," he said.

Goulbourne said there were other commercial affairs an in place to ensure that investors receive their returns.

The Carlos Hill-led Cash Plus had brought an application in the Supreme Court last year and obtained an injunction which barred NCB from closing its 26 accounts.

The bank, represented by attorney-at-law Sandra Minott-Phillips, went to the Court of Appeal and was successful in getting an order closing 18 of the accounts. Cash Plus voluntarily closed one of the accounts.

applied for an extension

The case came back before the Supreme Court two weeks ago and Cash Plus applied for an extension of an injunction barring NCB from closing the seven accounts until the suit it had brought against the bank had been heard.

Minott-Phillips opposed the application for an extension and Senior Puisne Judge Marva McIntosh heard legal arguments in chambers for several days and on Tuesday reserved her decision until yesterday.

The judge, in refusing the application to extend the injunction, found that Cash Plus had breached its contract with the bank by failing to provide information which the bank had requested.

The bank had asked Cash Plus, which has been in operation for five years, to furnish it with an up to date financial statement.

The judge said Cash Plus failed to supply the vital information which affected the statutory requirement which the bank must comply with and which could have serious consequences.

It was the judge's finding that NCB gave sufficient notice to Cash Plus that it was going to close the accounts.

The judge set aside the injunction in relation to the seven accounts and refused an application for an injunction to remain in force until trial.

Lawyers representing Cash Plus applied for a stay of the judge's order but the application was refused. The judge granted leave to Cash Plus to appeal her order.

On January 28, Cash Plus withdrew its suit against the FSC and said then that it was going to apply to the FSC to be registered.

Cash Plus had brought a suit in the Supreme Court seeking a declaration as to whether the nature of its business came under the Securities Act.

barbara.gayle@gleanerjm.com