There are more worrying signs for hundreds of investors in the informal investment scheme, Cash Plus Limited.

The court-appointed co-interim receiver manager, Kevin Bandoian, has disclosed that Cash Plus has no money to begin repayments on April 14 as scheduled, and there is no indication whether the repayments will ever be made.

Last month, Cash Plus Ltd announced that persons with balances up to $100,000 would be repaid next Monday. Those with balances up to $200,000 were to be repaid on April 21, while persons with larger balances would get a portion of funds invested at Cash Plus.

At that time, Cash Plus boss Carlos Hill claimed the investment scheme had the money to refund its clients in full.

Bad news

But yesterday Bandoian had bad news for persons waiting on their money. "The dates for repayment to lenders, which were published by Carlos Hill on March 30, are no longer valid, as Hill has confirmed his inability to source the money to begin the repayments," he said.

Bandoian said Hill informed him of the development on Friday, April 4.

The receiver manager said Hill has made it clear that the payment plan he announced previously would have to be suspended.

Hill also told the receivers that he was unable to secure the necessary funding or access sufficient liquidity to start repaying lenders as he had promised.

Trying to source funds

More than a week ago the Financial Services Commission said Cash Plus had informed that it was trying to source funds from Turks and Caicos to make the payouts.

"It is regrettable that payments will not be made on April 14 and unfortunate that so many lenders will be disappointed," Bandoian said.

He was unable to say when the repayments would begin. "This is a large and complex assignment, and the team is working within an extremely tight time frame to meet the court's reporting deadline," he said.

Bandoian was appointed co-interim receiver manager by the Supreme Court on March 31. He has been given 35 days to submit a report to the court.

To date, the receiver managers have found more than 80 Cash Plus affiliates in several different countries but most of these entities have little or no assets and/or no business activity.

"The operations of each entity will need to be thoroughly examined to ascertain the viability and opportunity for maximising available assets," Bandoian added.

"This is a very serious matter, and I appreciate the sensitivity with which this case must be treated. We are attempting to gather all assets and details of assets to determine what is available to repay lenders."

But he said this was not an easy task. "The situation is very fluid at this time, and what we have learned so far continues to evolve, given the existence of conflicting records."

Yesterday, persons in the financial sector said they were not surprised by the disclosure.

The persons, who asked not to be named, pointed to the financial statement released by Cash Plus late last year which, they said, made it clear that the entity was bankrupt.