Headlines:
| WorldWise closing small accounts |
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| Wednesday, 16 July 2008 | |
Another unregulated investment scheme operating in Jamaica
is reportedly downsizing its operations.RJR News has been informed that WorldWise Limited will be closing all accounts with less than US$5,000. It is reported that WorldWise is cutting back on the number of its clients until it obtains a licence from the Financial Services Commission. A spokesman for the company disclosed that this is part of an ongoing re-organisation of the firm. According to the spokesman, letters are being sent out and clients whose accounts are to be closed will begin receiving payouts by August 5th. Last month, World Wise Limited denied reports that it was facing financial difficulties in the wake of its decision to halt payouts to clients for 60 days. The hold on payments as well as a decision to relocate from its Ruthven Road offices in the business district of New Kingston sparked speculation that World Wise was on the brink of collapse. The company also announced that it would not accept any new clients at this time and would conduct an audit of its financial operations. |