Headlines:
| Turks and Caicos court to rule on OLINT assets |
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| Friday, 09 January 2009 | |
 It should be known on Friday whether the authorities in
the Turks and Caicos Islands will lift the
freeze on the assets of the embattled investment club OLINT.If the assets are released it could pave the way for OLINT's boss David Smith to resume pay-outs to investors. In November lawyers representing Mr. Smith applied to the High Court in the Turks and Caicos Islands to lift a freeze on the multi-billion dollar assets of OLINT. The High Court reserved its judgement until Friday. Thousands of OLINT's investors in Jamaica and abroad have been left in limbo since the authorities ordered the freeze last July. The action followed a raid on Mr. Smith's offices by a joint team from the United States and the Turks and Caicos. Officials on the Turks and Caicos Islands claimed that OLINT was involved in suspicious financial activities. Several computers and files were seized in the raid. Mr. Smith has strongly denied the allegations and has assembled a high powered team of attorneys led by Lord Anthony Gifford to press the authorities in the Turks and Caicos Islands to release his assets. |