Headlines:
| Grenada affected by OLINT’s fall |
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| Thursday, 24 July 2008 | |
The problems
facing the David Smith-led investment scheme OLINT Limited are having a ripple
effect elsewhere in the region.SGL Holdings Incorporated, an investment firm based in Grenada, is reportedly experiencing difficulty paying clients due to the freezing of OLINT's assets. An internet posting out of Grenada said during a meeting with the Ministry of Finance on Wednesday, SGL Holdings officials advised that until OLINT's problems are addressed they will not be able to make any payments. SGL said efforts are being made to ascertain from the authorities in the Turks and Caicos Islands the status of investigations into OLINT's operations. It has also been revealed that in May, SGL was directed to cease and desist from conducting securities business as it did not have a licence. SGL ceased accepting new deposits and was in the process of preparing an application to the Grenada Authority for the Regulation of Financial Institutions. |