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OT 281: Letter from Sean Belcher to Peter Ainsworth MP: Olint TCI Corporation Ltd
I am an English and Jamaican national and live in Whyteleafe in your constituency.
I am writing to you in connection with legal proceedings that I have had to commence in Jamaica in relation to an investment that I made in an investment club known as Olint. Olint was, and remains, under the directorship and control of a Mr David Smith.
I, and others, have issued legal proceedings against Mr Smith alleging fraudulent misrepresentation by him in connection with his solicitation and management of the investment funds in Olint. I, for example, made an investment of US$800,000 which Mr Smith / Olint is now declining to return. It is for that reason that I have had to initiate legal proceedings. Such a sum represents a significant part of my personal finances. There are many other investors, including a number of other British citizens, who have potentially lost significant sums through the apparent fraudulent activities of Mr Smith.
I understand that Olint is in domiciled in the Turks and Caicos Islands ('TCI'). I understand from media reports that the Attorney General's office of the TCI has investigated Mr Smith and Olint, resulting in steps having been taken in the last few days to freeze the assets of Mr Smith pursuant local prevention of crime statutes. I have written to the Attorney General, through lawyers I have instructed in London, notifying him of my interest in the frozen funds. There are also press reports linking Mr Smith and Olint with the Prime Minister of TCI.
I understand that the Financial Services Commission in Jamaica and the National Futures Association ('NFA') in the US have made related investigations into Mr Smith and Olint resulting in a legal complaint being lodged in the US on 30 June 2008 against a company called I Trade FX LLC. That company appears to have connections with both Mr Smith and Olint.
The reason that I am writing to you is that I understand that the House of Commons Foreign Affairs Select Committee has recently issued a highly critical report in relation to the governance of the TCI as an Overseas Territory (Seventh Report of Session 2007-2008). As a consequence, a Commission of Inquiry has been appointed by the outgoing Governor, Richard Tauwhare, under the Chairmanship of the Right Honourable Sir Robin Auld QC. Sir Robin is currently establishing his investigation and I would like to make it clear at this stage that I would be very willing and able to give evidence before the Inquiry. In that regard. I have already written to the Commission.
It seems to me important that both the Foreign Affairs Select Committee and Sir Robin are aware of the large number of investors who have been affected by what I believe to be the fraud perpetrated by Mr Smith in the TCI, a British Overseas Territory, and his reported links with the government of that British territory. I have attached a number of media reports for your information.[1]
I would be grateful if you could consider this letter and relay its content to such members of the Foreign Affairs Select Committee as you feel appropriate.
13 August 2008 [1] Not published. |