THE expected start to the highly-anticipated case involving alternative investment scheme giant Cash Plus Limited against the island's financial regulatory body, the Financial Services Commission (FSC), was aborted in the Supreme Court yesterday until the new year.

The case was adjourned until January 23, 2008 because Cash Plus' lead attorney, KD Knight QC, was preoccupied with the Local Government elections, and trial judge Roy Anderson broke a leg.

Cash Plus is taking the FSC to court due to the FSC's insistence that Cash Plus is entitled by law to register under the Financial Institution Act as its activities - obtaining loans from people in return for a handsome 10 per cent monthly return - amounts to dealing in securities under the Securities Act.

But Cash Plus is contending that it is under no obligation to become registered and is asking the court to determine whether the nature of its business requires it to be registered.

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