Investors with funds in the once popular alternative investment scheme, Cash Plus, received another blow yesterday with the news that the company had officially gone into receivership.
News that the company had been appointed a receiver manager through the court, was released yesterday. The receiver manager will assess the entity's assets and is to begin working immediately. This new development means the entity is now insolvent, meaning their liabilities now exceed their assets.
One investor, Jenna Morris, who was only able to earn six months worth of returns before the company entered into difficulties, was disappointed with the turn of events. "Its terrible", she said. "I'm going to keel over and die. Things have taken a turn for the worse. We had hopes that we'd be getting back our money and now they're almost dashing everyone's hopes. It's beyond hope. It's getting desperate. Receivership?" she asked.
Though Morris is disappointed, not all investors are saddened by this news. Two other persons with whom THE STAR spoke, said they were still faithful believers in the Cash Plus system and in no way blame the entity or its directors.
Michelle Lindsay, one such investor, who sold one of her houses to invest in the scheme, told THE STAR, "I have not changed my mind. I am still in support of Cash Plus and Carlos Hill. We are big people. We went in there knowing it was a risk. No one asked for their [the FSC's] help. If they are so concerned, why don't they go to the banks that are charging high interests rates? I am so upset. Instead of sticking their noses in people's business, that's what they should do."
In late 2007, the Financial Service Commission (FSC) issued cease and desist orders on Cash Plus, its Chief Executive Officer Carlos Hill and Kahlil Harris. The order asked that "Cash Plus Ltd. et al immediately stop conducting securities business, including soliciting and accepting loans with members of the public until Cash Plus is licensed by the FSC."
Names changed on request
rrDesignZ said
22:13 04/01 2008
cp mi nuh understand this cash plus thing
suh mi naaa guh understand what u post
can u explain to me about this Cash Plus thing???
Investors with funds in the once popular alternative investment scheme, Cash Plus, received another blow yesterday with the news that the company had officially gone into receivership.
News that the company had been appointed a receiver manager through the court, was released yesterday. The receiver manager will assess the entity's assets and is to begin working immediately. This new development means the entity is now insolvent, meaning their liabilities now exceed their assets.
One investor, Jenna Morris, who was only able to earn six months worth of returns before the company entered into difficulties, was disappointed with the turn of events. "Its terrible", she said. "I'm going to keel over and die. Things have taken a turn for the worse. We had hopes that we'd be getting back our money and now they're almost dashing everyone's hopes. It's beyond hope. It's getting desperate. Receivership?" she asked.
Though Morris is disappointed, not all investors are saddened by this news. Two other persons with whom THE STAR spoke, said they were still faithful believers in the Cash Plus system and in no way blame the entity or its directors.
Michelle Lindsay, one such investor, who sold one of her houses to invest in the scheme, told THE STAR, "I have not changed my mind. I am still in support of Cash Plus and Carlos Hill. We are big people. We went in there knowing it was a risk. No one asked for their [the FSC's] help. If they are so concerned, why don't they go to the banks that are charging high interests rates? I am so upset. Instead of sticking their noses in people's business, that's what they should do."
In late 2007, the Financial Service Commission (FSC) issued cease and desist orders on Cash Plus, its Chief Executive Officer Carlos Hill and Kahlil Harris. The order asked that "Cash Plus Ltd. et al immediately stop conducting securities business, including soliciting and accepting loans with members of the public until Cash Plus is licensed by the FSC."
Names changed on request