Cash Plus boss Carlos Hill will spend the weekend in jail as he will not be questioned by the police until Monday.An interview session, which was scheduled to take place yesterday, failed to materialise.
The development in the Cash Plus saga came one day after the head of the informal investment scheme and his brother, Bertram Hill, were arrested by a team of senior investigators from the Organised Crime Investigation Division and the Financial Investigations Division.
Bertram Hill, who also spent last night in jail, is scheduled to be questioned by the police at 2 o'clock this afternoon. Chief financial officer of the group, Peter Wilson, who was also held, will be questioned today at 10:00 a.m.
Hugh Thompson, lawyer for Bertram Hill and former lawyer for Carlos Hill, said the men were frustrated by the development.
Thompson said he learnt late yesterday that Carlos Hill had relieved him of his duties.
"They are very upset this thing was not done today and I am not surprised that it has been delayed."
Thompson said if his client is not released by tomorrow, he would be going to the court to obtain a writ of habeus corpus for his release.
investment fallout
In the meantime, Audley Shaw, finance and public service minister, says the $23 billion investment fallout in the alternative investment scheme will not have a considerable impact on the country's financial sector.
He said Bank of Jamaica Governor, Derrick Latibeaudiere, has advised him that the financial system was undisturbed by the Cash Plus debacle.
"The private banking is fully intact and there is no perceptible impact," Shaw reported yesterday during a post-Budget press conference at the Ministry of Finance and the Public Service, Heroes Circle, Kingston.
Any glimmer of hope for the approximately 40,000 Cash Plus investors of recovering their investment is fast fading.
On Wednesday, the court-appointed receiver/manager for the beleaguered entity, Kevin Bandoian, announced that the company had no money to repay its clients by the April 14 deadline.
