Cash Plus investors will have to wait at least another month to hear whether they will be getting back money they placed into the company.

The court-appointed receiver/ manager Kevin Bandoian, yesterday presented his report on the status of Cash Plus to the court for approval.

But Cash Plus attorney Paul Beswick raised preliminary objections to some of the points in the document.

Beswick claimed it was an employee of Cash Plus who filed the application for the company to go into receivership.

He further contended that, under the Companies Act, the employee has no authority to make the application and, therefore, the receivership and takeover of the company was illegal.

Beswick was ordered by High Court judge Marva McIntosh to prepare an affidavit outlining his concerns.

He is to submit the affidavit on June 23 when the matter is to be heard again in the Supreme Court.

Payout difficulties

Cash Plus was placed into receivership more than two months ago, after the company started to experience difficulties in paying out principal and interest.

Since then, head of the investment scheme, Carlos Hill; his brother, Bertram, and the company's chief executive officer, Peter Wilson, have been arrested on fraud charges.

When they reappeared in the Corporate Area Resident Magistrate's Court yesterday, the prosecution asked for more time to prepare its case.

The accused men had their bail extended to July 17, when they are to return to court.