The Supreme Court has granted approval for the embattled investment club Cash Plus to appoint a temporary manager. The temporary manager will be responsible for supervising the disbursement of funds to investors.
The move has caused widespread speculation about the future of the investment club.
Last week, the Financial Services Commission (FSC) issued a release stating that Cash Plus will not be able to honour its March 31 deadline to make interest payments to its clients.
However, the investment club has cited the lack of banking facilities as the reason for the delay.
The company also said it would start interest payments on a phased basis on April 14.
In a televised address last night, Cash Plus Boss, Carlos Hill sought to assure his investors that his company’s commitment is sincere.
In December last year, the FSC issued a cease and desist order on the investment club and its principals.
However, the Commission has indicated a willingness to vary the order to allow for the interest to be paid to Cash Plus investors
