Headlines:
| Attorneys for Cash Plus back in court to fight FSC order |
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| Friday, 18 January 2008 | |
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Lawyers for Cash Plus Limited are gearing up for another
round in their legal battle with the Financial Services Commission, (FSC). The legal team will be going back to court on Friday, to mount another challenge to the cease and desist order issued by the FSC three weeks ago. This time, the lawyers will be asking the court to put aside the conditions attached to the order which the court on Wednesday ruled should be stayed. Member of the Cash Plus legal team, KD Knight, said the company wants a further hearing into the matter. Mr. Knight said this relate to the filing of documents, so that at a later stage, arguments can be presented. He said the legal team is going on the basis that the condition, that were imposed by the court, were onerous. The conditions state that Cash Plus should refrain from signing any new customers. Cash Plus is also barred from taking on any additional investments from existing customers. In addition, it is to prepare a list of existing customers to be forwarded to the Registrar of the Supreme Court under confidential seal. The list is to be sent to the court by February 8. |