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July 18, 2008
NCB ordered not close Olint's Account
On Friday, July 18, Olint was granted a reprieve from the Court of Appeal who granted the embattled alternative investment scheme an injunction blocking NCB (National Commercial Bank) from closing its accounts.
Justice Seymour Panton has recommended a speedy trial for the lawsuit filed against NCB by Olint. The Justice expressed concerns about banks who think they have the power to close a customers accounts without evidence of illegal activities taking place. There is also the suspicion that there is a conspiracy among banks to destroy the scheme.
On receiving news that Olint's accounts in the Turks and Caicos had been frozen, NCB's lawyers applied to the Court for directions on how to deal with the handling of these accounts. However, the lawyers objected to this application, claiming that NCB is acting on rumours.
Dave Garcia, the General Manager with responsibility for General Council at NCB, said that the bank will be filing an appeal with the Privy Council.