AT least three disgruntled members have filed suit to recover several millions of dollars they claim are owed to them by the embattled informal investment entity Cash Plus Limited.

The suits filed in the Supreme Court this month names sale representatives Marian Antoinette Bell and Tony Smith and civil servant Patrice Mitchell as claimants.

Bell is claiming a total of $5,261,400 - which includes interest - for loans to the scheme on February 6, April 4 and August 31 last year. Smith is seeking to recover an outstanding balance of $400,000 plus $30,000 per month from August 30 last year to January 14 2008; while Mitchell is seeking to recover just over $1million plus interest.
The three are claiming that Cash Plus had breached its contract with them.

Cash Plus had been out of operation now since last month when the Supreme Court fully reinstated the cease and desist orders served on the entity by the Financial Service Commission (FSC) last December.

The court had taken this decision after attorneys for Cash Plus indicated their intent to register with the FSC in order to obtain the requisite licence to continue its trading activities.
Cash Plus' troubles, however, did not end their as the court later granted the National Commercial Bank permission to close its over 20 accounts.

The entity, which gave an interest of 10 per cent monthly on each loan from members, had last December asked its thousands of contributors to allow it to roll over their monthly take for three months while the company transformed itself to a conglomerate that would offer them preferential shares.

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