Court rejects OLINT Corp's injunction against FSC
March 20, 2006
THE Supreme Court on Friday turned down an application from OLINT Corporation and its proprietor, David Smith, which sought to get the Financial Services Commission (FSC) to return materials it seized - after producing a search warrant - from the Corporation's premises in New Kingston.
The court refused the application after hearing preliminary points made by counsel for the FSC.
This is the second time that the Supreme Court has rejected OLINT Corporation's injunction against the FSC.
On March 3 and March 6, the FSC executed search warrants at the New Kingston offices of OLINT Corporation to inspect and make copies of all books, accounts, records and other documents, cheques and securities and cash found on the premises. In addition, pursuant to the warrants, the FSC seized and detained books, accounts, records and other documents found on the premises.
Under Section 7 of the Act, it is unlawful for people to carry on the business of securities without a licence issued by the Commission.
In addition, the law prohibits persons from carrying on the business of providing investment advice without holding an investment advisor's licence.
OLINT Corporation and David Smith were granted leave to appeal the court's ruling.
Author: JIS
Source: Jamaica Observer
