The audited financial report for the five-year-old investment scheme Cash Plus Ltd, which went into receivership this year, was tendered yesterday in the Supreme Court.
Senior Puisne Judge Marva McIntosh is to deal with the details of the report tomorrow.
The report was tendered by Kevin Bandoian, a chartered accountant employed to Price-waterhouseCoopers in the United States. Bandoian was appointed joint receiver-manager in March.
One of the managers of Cash Plus had applied to the court for the company to be placed in receivership. A company goes into receivership when its debt exceeds its income.
The judge, after studying the report, is expected to give her approval of the report.
Hundreds of Cash Plus investors are anxiously awaiting the outcome of the report.
Details of assets
The report is expected to give details of all assets belonging to the company as well as all the assets available, if any, for distribution to the investors.
Cash Plus has a total of 40,000 investors with loans totalling $4 billion.
A copy of the report was given to attorney-at-law Paul Beswick who is representing Cash Plus. John Vassell, QC, and attorney-at-law Cindy Lightbourne are representing the temporary manager.
In the meantime, Cash Plus head Carlos Hill, his brother Bertram and Cash Plus executive Peter Wilson, are to appear today in the Corporate Area Resident Magistrate's Court.
Carlos Hill is facing four counts of fraudulent conversion of money and four counts of obtaining money by false pretence. He is also charged with one count of conspiracy to defraud.
Bertram Hill and Wilson are each charged with one count of conspiracy to defraud. They were arrested and charged last month following reports made by some Cash Plus investors to the police.
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