The National Commercial Bank (NCB) has been barred from closing the three accounts of investment club Olint Corporation Ltd until its appeal is heard on May 12.

Olint is appealing against last month's Supreme Court ruling which turned down its application to prevent NCB from closing its accounts.

On April 22, Court of Appeal judge Karl Harrison reserved his decision until yesterday, in Olint's application for the injunction to remain in force until its appeal has been heard.

Questions of law

Justice Harrison, in granting the injunction, said, "There are a number of factual matters which give rise to questions of law, regarding the rights and duties of the appellant as customer and the respondent as banker under the Banking Act."

The judge also said there would be the risk for the right of appeal to be rendered of little or no consequence if the injunction was not granted.

NCB's lawyers Michael Hylton, QC, and Carlene Larmond had opposed the application for an injunction.

Olint, which is being represented by attorneys-at-law Georgia Gibson-Henlin, Maurice Manning and Catherine Minto, has filed 22 grounds of appeal contending that Supreme Court judge Roy Jones erred when he ruled in favour of NCB.

One of the reasons given by NCB for serving notice to close the accounts was that Olint had failed to submit audited financial statements.

However, Olint is contending that it did nothing wrong by failing to submit the statements to the bank.