The High Court has set June 4 as the date to hear the applications made by a number of persons who have lost out on their investments with the controversial SGL Holdings.
Attorney Sabrita Khan-Ramdhani of the Law Firm, Ramdhani and Associates filed claims and an application before the court last Wednesday on behalf of persons who invested with SGL Holdings Inc and have been unable to recover their investments.
The female attorney told THE NEW TODAY Newspaper that after looking at documents provided to her by the investors, she is convinced that quite a bit of funds have been lost through SGL.
According to Khan-Ramdhani, many of the affected persons indicated to her that it has been rough, financially for them since the debacle and that some of them had not only invested in SGL, but other institutions in the country which also collapsed financially.
“They are terribly affected. They may have had funds in other institutions, which have crashed, so some of them are practically without funds right now. They would have invested everything, thinking they would have gotten gains, and they would have been able to have a comfortable living,” she said.
The H.A Blaize Street SGL reportedly invested the depositors monies with an alleged ponzi scheme that was operated by a Jamaican who has been nabbed in the U.S and charged with fraud.
The female attorney identified some of her clients as persons ranging from retirees to business executives, professionals, and those involved in domestic work.
“SGL would have touched almost everybody,” she quipped.
The Claimants are seeking a declaration from the high court that monies they paid to SGL Holdings Inc under an agreement whereby the defendant was to engage in foreign exchange trading on behalf of the claimants were transmitted by the defendant to Olint or one of the related investment clubs.
They are also asking the court to declare the said monies being fraudulently misappropriated by Olint as part of a Ponzi scheme and used contrary to the terms of the agreement.
The claimants are asking the court to order SGL Holdings Inc to provide an accounting to the court of all monies received for foreign exchange trading, and for such accounting to show how such monies were remitted to any third party.
Although a local effort is being made to pursue claims in the High Court, Khan-Ramdhani is encouraging persons to continue to take the opportunity to file petitions to the US State Department before June 14 through the website, www.gilardi.com/DsmithRemissionFund.
However, the State Department has advised that they need to provide evidence regarding the connection between SGL Holdings Inc and David Smith and Olint.
Khan-Ramdhani said the affected persons should pursue anything that would help them recover their funds.
The two principal local operatives of SGL are two sister isle businessmen, Lester Clyne and Glen Clement.