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Carlos Hill says he can repay US$75M to Cash Plus depositors
2013-03-07 17:10:41 | (0 Comments)
Barbara Gayle, Justice Coordinator
Carlos Hill being arrested in 2008 - File
Alleged fraudster, Carlos Hill, has reportedly provided documentation to the Office of the Director of Public Prosecutions showing that he can repay US$75 million to depositors in his failed investment club Cash Plus.
Hill communicated his intention to the Office of the DPP today.
The move is in keeping with a request by the DPP Paula Llewellyn that Hill provides verification by today of his intention to repay investors.
A reliable source has told The Gleaner/Power 106 News Centre that the verification from Carlos Hill is in the form of bank records from a foundation in the United States.
The source further said the Trustee in Bankruptcy, which is handling the affairs of the Cash Plus investors, will have to make arrangements to get the money from the foundation.
When contacted today, Llewellyn confirmed she received documentation from Hill, but said the records will have to be investigated to determine their authenticity.
She said she would have to get an independent investigative unit to attest the veracity of the documents.
According to the source, the money represents three quarters of the principal owed to depositors and Hill has requested another week to get the balance.
A total of $10 billion is owed to some 40,000 depositors.
Only investors who are registered with the Office of the Trustee in Bankruptcy will be repaid their principal.
On Monday, attorney-at-law Hugh Wildman appeared in the Home Circuit Court and asked for an adjournment to give Hill time to repay the investors.
Hillís trial for fraudulently inducing people to invest in Cash Plus was put off until Monday, March 10.
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Source: The Gleaner/Power 106 News
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