THE media and others have been barred from naming the other person approved by the court last Monday along with Pricewaterhouse Coopers' accountant Kevin Bandoian as joint receiver/manager of the ill-fated alternative investment club Cash Plus Limited.

The name of the woman who filed the claim for Cash Plus to be put into receivership under Section 213A of the Companies Act (2004) was also deemed classified by the court.

Justice Marva McIntosh also ruled that the woman be given permission to replace the documents already filed in court and pursue the action under the pseudonym Madam A and that she files with the registry in a sealed envelope, the details of her name, occupation, address and the original document.

The media and any person who disclose or cause to be disclosed the names of these persons could be held in contempt of court and face imprisonment or a fine.

Justice McIntosh had last Monday approved the appointment of Bandoian of PricewaterhouseCoopers in the United States as joint receiver/manager along with the other classified party to manage the affairs of the beleaguered Cash Plus, which owes billions of dollars to its 40 lenders.
The investment arm of Cash Plus has been out of operation since being served last December with a cease-and-desist order by the Financial Services Commission (FSC).

A press release from PricewaterhouseCoopers said that the receiver/manager will, under the supervision of the court, "commence work immediately from the offices of Cash Plus Limited and its affiliates and will advise creditors of the progress of the process in due course".

The court, at the same time, prohibited Cash Plus Limited and its affiliates, whether through its directors, agents, officers or employees from selling, transferring or otherwise dealing with or dissipating the assets of Cash Plus Limited or its affiliates for a period of 28 days.

The joint receiver/managers, 35 days from today, are to supply the court with a report on Cash Plus' status.

Cash Plus' announcement last Sunday that it will commence payment to lenders on April 14 is not likely to get off the ground in light of the appointment of the managers.

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