Shelly-Ann Thompson, Staff Reporter

The Financial Services Commission (FSC) said yesterday it was probing the connections between Neville Blythe's UGI Finance and Investments Limited and investment scheme World Wise Partners Limited (WWPL) to determine whether UGI had breached its securities dealer's licence.

On Thursday, Blythe, in the face of reports that his company was to take over payment of returns to the investment scheme's clients, insisted UGI was not in partnership with World Wise, but did not deny a connection.

World Wise investors, some of whom have been reporting delays in the payment of their returns, were advised by electronic mail of the arrangement being made with UGI.

At World Wise's offices this week, on Ruthven Road in St Andrew, employees of the investment scheme were observed distributing individual customer application forms and references for opening accounts, reportedly on behalf of UGI Finance.

Employees of the investment scheme also informed investors that for their monthly interests to be paid they were required to open a foreign exchange account with a financial institution.

As this was happening, investors complained inside the office that their returns for March, which should have been paid early April, had not reached their accounts.

"They say five to seven working days and is three weeks now and I don't get no money," said one woman.

World wise response

World Wise, meanwhile, in correspondence to its members, said clearly that payments would be facilitated by UGI.

"WWPL will fund your account at UGI Finance and Investment Limited. This is a new way for WWPL to accommodate client requests for withdrawals," read the letter.

"UGI Finance and Investment Limited can accommodate clients wishing to open accounts with them."

But acting executive director of the FSC, George Roper, said the business of funding an account and providing withdrawal services on behalf of an entity should be facilitated through a bank and not with a securities dealer.

As such, he has launched a probe into the dealings between UGI, a licensee, and World Wise, which is unregulated but seeking a licence.

"If the contents of the email are proven true, whether UGI is aware, whether such an arrangement like that was made. If so, depending on the findings, FSC will take appropriate action," said Roper.

Blythe, when contacted, said Thursday he was unable to accurately speak to the issue as he was off for a few days from the office.

"This is some other mischief being made again," Blythe quickly said.

"Just this morning I heard about it. I don't know the details but is something being clarified."

He directed further questions to managing director, Milton Hewling.

Hewling did not return calls made to his office over two days.

Roper said the FSC is now processing World Wise's application for a dealer's licence.

Reluctant to divulge much information regarding the investment scheme's application to be regularised, due to legal constraints, Roper said the entity resubmitted its application after an incomplete submission was received by the FSC.

shelly-ann.thompson@gleanerjm.com