Headlines:
| OLINT/NCB go another round |
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| Friday, 18 July 2008 | |
The Appeal
Court is to issue two crucial rulings Friday in
the long standing legal battle between National Commercial Bank (NCB) and the
problem-plagued alternative investment scheme OLINT Limited.One keenly anticipated ruling concerns NCB's attempts to close OLINT's accounts. NCB's General Legal Counsel Dave Garcia told RJR News that other outstanding matters will be dealt with by the court Friday. "There is also the appeal in relation to Michael Hylton acting for NCB ... we're awaiting the judgment in that," he said. Mr. Garcia said if the court rules that OLINT's accounts should remain open the bank will seek direction on how they should be operated based on the problems facing the investment club in the Turks and Caicos Islands. Friday's rulings have implications for OLINT clients who are anxiously awaiting word on the status of their investments in the wake of reports that all is not well at the David Smith-led company. TCI probe into OLINT continues 
There should also be more news out of Turks and Caicos Friday
regarding the state of affairs at OLINT.Deputy Inspector of the Turks and Caicos Police Hubert Hughes told RJR News Thursday night he will have an update on the status of ongoing investigations. On Thursday, our news centre reported that OLINT's boss David Smith was assembling a high-powered legal team to mount a vigourous legal challenge in the Turks and Caicos, where his multi-billion dollar enterprise is under investigations for financial crimes. Eminent Queens Counsel Lord Anthony Gifford has been retained to represent the company and its principals. When contacted by RJR News on Thursday, Lord Gifford confirmed that he was preparing to head to the British dependent territory some time this week. |