Supreme Court again Rejects OLINT’s Injunction against the FSC

For the second time, the Supreme Court yesterday (March 17), turned down an application from OLINT Corporation, and its proprietor David Smith, that sought orders to return materials seized by the Financial Services Commission (FSC), pursuant to the search warrant, from the Corporation’s premises in New Kingston.
The court refused the application after hearing preliminary points made by Counsel for the Commission. On March 3 and March 6, the Commission executed search warrants at the premises 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 persons 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.