The attorneys obtained an interim freeze order in the Supreme Court on Monday, which will bar Olint's boss David Smith, his wife, Tracey-Ann Smith, and brother, Gilbert Wayne Smith, from using or transferring funds from accounts in which they have interest.

The Olint liquidator has estimated the amount of money owing to investors to be US$214.7 million.

Queen's Counsel Michael Hylton, who is representing the liquidator, said the Smiths appear to be hiding money in their accounts, a move which was hindering the liquidator from recovering investors' money.

Olint Corporation Limited is a Jamaican company which was forced to stop operating after the Financial Services Commission ruled they were not licensed to trade in securities. The business was then moved to David Smith's homeland - the Turks and Caicos Island (TCI). It later crashed there after he was arrested on charges of theft, false accounting and uttering false documents. A liquidator was appointed. The TCI government has so far frozen US$13 million in liquid assets discovered by the authorities.

Hylton said the liquidator has found that more than US$49 million has been moved out of accounts belonging to the Smiths.

Unmolested accounts

Meanwhile, the order, which will remain in place for 21 days, means that the Smiths will only be able to withdraw or transfer funds from their accounts as long as the amount which is suspected to be owed is unmolested in the accounts.

Hylton said that while 21 days is not sufficient time to locate all Olint money, time was of the essence. He said that he plans to return to court for an extension of the order, when it expires.

Justice Glenn Brown, who heard the matter in Chambers on Monday, also ordered that David Smith immediately disclose the nature and whereabouts of all assets held in his name or by his nominees, as well as the sums in the accounts.

daraine.luton@gleanerjm.com