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Olint Corp Ltd v NCB & Jamaica Ltd 2
IN THE SUPREME COURT OF JUDICATURE OF JAMAICA
IN THE CIVIL DIVISION
CLAIM NO. 2008 HCV 00118
BETWEEN OLlNT CORP. LIMITED CLAIMANT
AND NATIONAL COMMERCIAL BANK
JAMAICA LIMITED DEFENDANT
Maurice Manning and Georgia Gibson-Henlin instructed by Catherine Minto of Nunes Scholefield
& DeLeon & Co. for Claimant.
Michael Hylton Q.C. and Carlene Larmond for Defendant
Heard: March 17hSh and April 18B-
[ I 1 In January 1720 in the United Kingdom, the South Sea Company offered shares to
the public at the modest price of £128.00. The directors of the company in an effort to whip up
interest in the company's shares, published claims of great success and far-fetched tales of South
Sea riches to entice investors. One such claim was that it was a "company for carrying out an
undertaking of great advantage, but nobody to know what it is". By the end of June 1720, the
share price rose to £1080.00. As the events unfolded, it led to what is euphemistically called the
"South Sea Bubble".
[2] Unlike the South Sea Company, Olint Corp. Limited (hereinafter called the Claimant)
provides customer services to its members as a private club. It is widely reported in the public
media to be involved in what is said to be the lucrative business of foreign currency trading, but no
one knows for sure. It is also widely reported to be one of a group of "alternative investment