THE court appointed joint receiver/managers of the failed Cash Plus pyramid scheme will on Monday present their findings on the assets of failed alternative investment scheme Cash Plus to the Supreme Court.

Observer sources confirmed yesterday that attorneys representing the joint receiver managers (Kevin Bandoian of local accounting firm PricewaterhouseCoopers and his unnamed female partner) were granted the additional time after making an application in the Supreme Court yesterday.

The attorneys were initially to present their findings to the court on Monday of this week, however, when they appeared in court then, they told the presiding judge, Justice Marva McIntosh, that they required more time to complete the process. McIntosh had subsequently granted them until yesterday to provide the information.

On March 30, Justice McIntosh approved the appointment of Bandoian as joint receiver/manager along with the other classified party to manage the affairs of the beleaguered Cash Plus, which owes billions of dollars to its 40 lenders.
The joint receiver/managers were given 35 days to supply the court with a report on Cash Plus' status.

Following a police raid on the Norbrook Drive home of the Cash Plus Chairman Carlos Hill last month several documents were seized, some of which suggested that billions of dollars in several overseas financial institutions have been linked to Hill and Cash Plus.

The investment arm of Cash Plus, which promised high rates of interest on the contributions of investors, has been out of operation since being served last December with a cease-and-desist order by the Financial Services Commission (FSC).