By Vivian Tyson
SUN Associate Editor

Embattled financial investor David Smith will know on January 9 whether or not the freezing order imposed on his assets locally will be lifted, as the matter was adjourned until that time, when it came up in the Turks and Caicos High Court on Monday, November 17. Smith- the principal of Olint Corporation – which originated in Jamaica, but moved to the Turks and Caicos Islands in the face of mounting pressure from Jamaica’s financial services commission and commercial banks, had his assets ordered frozen by the authorities on July 11, as investigations into financial irregularity on Smith’s part was launched.

Following the court order, Smith’s business and home were raided and computers and documents seized for forensic analyses by officers from the Financial Crimes Unit. Smith’s international travel was however, not restricted, as he was given the green light by the courts to leave and enter the country whenever he wants. Smith's legal team, headed by attorney-at-law Lord Anthony Gifford, made in-chambers submissions before Justice Richard Williams in the High Court for the restriction to be lifted. However, Justice Williams adjourned the proceedings until January 9 for further hearing and a ruling.

The drive by Smith to have the assets released is to make good on a promise made in July to make payments owing to investors, The SUN understands. Smith is not the only one trying to nudge the authorities to release his assets, as TCI FX Traders, a local company which he is said to be a director, wants the Supreme Court to appoint a liquidator to wind up that company in the interest of investors getting back monies put in.

John Wildish, a director for TCI FX Traders told reporters outside the Providenciales Court early November, that his company had nothing to do with Olint, saying that his organization was affected by the cease and desist order merely due to David Smith’s name being linked to that organization. He said the entire sums invested by TCI FX Traders’ clients were intact and individual members would get back their investment in full once the company’s request for liquidation was granted by the High Court.
Even though David Smith, principal of Olint Corporation is the director in charge of all trading at TCI FX Traders, that company and Olint were separate entities, a source close to TCI FX Trader told The SUN.

The lawyers’ quest to have the company wound up came as a result of its investors becoming concerned and wanting to know what was happening to their investments, as they were getting no word from the authorities as to what direction their probe was taking. Olint is also locked in legal battles in Jamaica with the National Commercial Bank, which wants to close its accounts and with the Financial Services Commission.