Two weeks after former Cash Plus boss Carlos Hill was freed of fraud charges, the state agency handling the liquidation of his failed unregulated investment scheme has signaled that depositors should not expect a full refund anytime soon.
The Office of the Government Trustee revealed yesterday that the losses to Cash Plus depositors have been calculated at just over $19 billion, almost doubling the initial reports.
The figure is based on the 35,000 claims the trustee’s office says it received from approxi-mately 21,000 depositors for $J17.5 billion, US$23.3 million, UK£413,500, and CDN$93,000.
However, the office reports that since the start of the liquidation process in July 2008, it has collected a total of J$827.5 million and US$1.16 million, mainly through debt collection as well as the sale and rental of properties owned by the Cash Plus entities.
-JamaicaGleaner
