Cash Plus, NCB return to court Dec 17
THE case involving alternative investment player Cash Plus Limited and the National Commercial Bank (NCB) was yesterday adjourned in the Home Circuit Court.
The matter was adjourned until December 17 by Justice Marva McIntosh who told the parties that she was not in a position to hear the case at the moment.
Also, an interim injunction obtained by Cash Plus last week, blocking NCB from closing its 16 accounts, was extended until the agreed date.
Cash Plus had taken out the injunction against NCB after receiving a letter from the bank advising that it would be closing the accounts at its Duke Street and Barry Street branches in Kingston by December 4.
Cash Plus is seeking a declaration from the court that, among other things, the closure of the accounts would be in breach of NCB’s “fiduciary duty” to Cash Plus; “a breach by the [NCB] of the Fair Competition Act and a malicious, unreasonable and anti-competitive action”.
The trial is expected to run for four days.
Some of Cash Plus’ accounts with the commercial bank are its remittance account, foreign currency account, Cash Mart Ltd, Cash Plus Foods Ltd, Atlantic Gas Distributors Ltd, ExMil Security Company Ltd, operating and general accounts, and both the Drax Hall Ltd development local and foreign currency accounts.