LAWYERS representing National Commercial Bank (NCB) are returning to court today to continue submissions before Justice Marva McIntosh in chambers, in an effort to persuade the court to grant the bank permission to close the remaining nine accounts belonging to the informal investment club, Cash Plus Limited.

The lawyers, who began their submissions last Thursday, completed a second day of arguments on Friday.
Cash Plus had taken NCB to court after the bank informed it late last year of its intention to close the entity's 26 accounts. An outstanding financial statement and the fact that Cash Plus was on December 29 served with cease and desist orders by the Financial Services Commission (FSC) were among the reasons advanced by the bank for wanting to close the accounts.

Cash Plus subsequently obtained an injunction restraining the bank from closing the accounts. The injunction was extended at a later court date in December and the hearing to determine whether the accounts should be closed adjourned until after the conclusion of the matter brought by Cash Plus against the FSC concluded. That issue concluded last Wednesday when Cash Plus withdrew its case against the regulatory body and announced its intention to apply for a licence to trade in securities.

The way was cleared earlier this month by the Court of Appeal for NCB to close 17 of Cash Plus' accounts in the Cash Plus Group name after the bank appealed the Supreme Court's decision to extend the injunction blocking the closure.

NCB was also in court on Thursday, this time against another alternative investment player, Olint Corporation Limited, whose accounts it is also seeking to close. The matter was, however, adjourned until Wednesday January 30. NCB had announced its intention to close Olint's accounts following a court ruling on December 24 that upheld cease and desist orders served by the FSC on Olint in 2006.

Olint on Wednesday filed an appeal against the December 24 ruling.

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