Janet Silvera, Senior Gleaner Writer

The padlocked doors at Higgins Warner's offices at Bay West Shopping Centre in Montego Bay, St. James, where many Jamaicans have invested millions of U.S. dollars. - Photo by Janet Silvera

WESTERN BUREAU:

News that Higgins Warner investment club relocated its Jamaican operations overnight, to its Argentina headquarters, has left several local investors in a state of shock and dismay.

The investors, many who advanced between US$5,000 ($350,000) and US$300,000 ($21 million) in the foreign exchange trading company, turned up at its Bay West Shopping Centre offices in Montego Bay, St. James, yesterday to find the doors chained and notices posted stating: 'Higgins Warner no longer has an office in Jamaica. Persons wanting to do business must visit www.higginswarner.com and send an email to agent@higginswarner.com'.

The instructions further stated: 'Everything will be processed via the Internet from Argentina'.

It is believed that Jamaicans worldwide have invested some US$10 million ($700 million) into the company, which has been incorporated in five countries globally.

Pressure

A representative of the company, who spoke with The Gleaner on condition of anonymity, said the intention of the president of the company, Max Higgins, was to move the Jamaican operations because of the pressure coming from regulatory bodies, particularly the Financial Services Commission (FSC), which has barred other investment clubs, including Cash Plus, LewFam and Olint in recent weeks.

"They (the regulatory bodies) created too many problems, but the president of Higgins Warner has assured me that all investors will be paid via wire transfers," the representative said.

No contact

In the meantime, an Argentina telephone number for Higgins Warner remained unanswered up to press time yesterday and the point person that had responsibility for the Jamaican operation, Kenric Gilpin could not be reached and his cellular phone mailbox was full.

The representative confirmed that Mr. Gilpin left the island two weeks ago and he has not been in contact since.

When The Gleaner visited the Bay West offices there was mixed reaction from those surprised by the notices written in blue ink.

An investor who traveled all the way from as far as Portland blamed the current situation on the government and the banks.

"This is a free market, dem need fi low di people dem mek dem invest how dem want to," said the man who placed US$8,000 $560,000) in the club.

Another man who invested US$13,000 ($910,000) in October 2007 said he has been waiting since November to get his initial 20 per cent interest but was being given the run around. "They told me to come back in December, then January 2nd and I just knew this was what was going to happen."

janet.silvera@gleanerjm.com