GREEN

Police investigators have revealed they will be seeking to confirm the existence of more than US$4.6 billion (J$326.6 billion) stashed across the globe, for which documentation was seized from the home of Cash Plus Limited boss Carlos Hill.

The Jamaica Constabulary Force (JCF) said yesterday, during a press briefing at the police commissioner's office in St Andrew, that it was continuing its investigation to determine the financial status and assets of the unregistered investment scheme.

The police said Hill is scheduled to appear before the Half-Way Tree Resident Magistrate's Court in St Andrew tomorrow to answer to charges relating to fraudulent conversion of money provided by investors and conspiracy to defraud.

Investigations abroad

Assistant Commissioner of Police Les Green told journalists that investigations may have to be conducted in Europe, the Caribbean and the Far East to assess Hill's financial affairs.

A number of materials and documents found at Hill's premises last Thursday showed more than US$4.6 billion lodged in various countries, in the name of Galina Trust Limited, which is registered in the Turks and Caicos. These funds, said Green, will have to be confirmed.

"I urge restraint regarding what appears to be vast sums of money as it will take time to confirm their existence," Green said.

"Additional documentation has been assessed and these indicate that other significant sums and bank accounts may exist and are believed to be held in the British Virgin Islands, UK (United Kingdom), Spain, Kuwait and China," he added.

Documents found at Hill's Norbrook, St Andrew, home also indicate that a loan of US$1 billion had been secured, last January, on at least US$2.5 billion held in five accounts in Germany.

Green said the case was developing into a complex and lengthy investigation that may take some time to conclude.

The police also found some 186 companies either directly linked to Cash Plus or which may be affiliated with Hill himself.

"These again will have to be carefully assessed," said Green.

He said the Major Investigations Taskforce, the Organised Crime Investigation Division (OCID) and the Fraud Squad are leading the investigations.

However, as the investigations progress, international police assistance will be sought.

Home raided

Last Thursday, police personnel from the OCID, supported by the Financial Investigations Division of the ministry of finance and the public service raided Hill's property.

Carlos Hill, his brother, Bertram Hill, director of Cash Plus Developments Limited, and Peter Wilson, believed to be the chief financial officer of the investment scheme, were arrested.

K. Churchill Neita, QC, one of the lawyers representing the three men, said the police press conference was "most inappropriate and irresponsible because it is calculated to prejudice the case of the persons on whom there is a presumption of innocence".

Last week, Cash Plus' court-approved co-interim receivership manager, Kevin Bandoian, revealed the investment scheme would not be able to make good on its promise to start making repayments to its approximately 40,000 lenders by April 14.