Headlines:
| Olint’s contingency repayment plan |
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| Monday, 21 January 2008 | |
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Olint Limited said it is
putting contingency plans in place in light of the possible closure of its local
bank accounts. The foreign exchange trading investment scheme said it will be able to continue operations using its overseas banking links. Olint said these procedures will be implemented only if it is unsuccessful in the legal case brought against National Commercial Bank (NCB), to keep its local accounts open. According to Olint, its operations are 100 per cent cash based. It claims it does not guarantee a rate of return and therefore only what is actually earned is credited to a member's account as opposed to offering guaranteed returns. Two weeks ago, Olint obtained an injunction in the Supreme Court barring NCB from closing its accounts. The injunction also prevents NCB from destroying or disposing of documents relating to Olint's accounts. The Supreme Court ordered NCB to make available to Olint all communication between the bank and other commercial institutions about it. |