The Supreme Court in the Turks and Caicos Islands (TCI) on Thursday granted bail in the sum of US$1 million for the embattled former Olint boss, David Smith.

Smith was arrested on Tuesday on further charges in connection with the management of his failed Olint TCI operations.

At that time, he was also denied bail in a lower court, forcing his lawyers to take the matter to the Supreme Court.

Oliver Smith, lawyer for David Smith, said as a condition of his bail, the former Olint Boss was also required to report to the police weekly.

In addition, he is restricted from leaving the TCI.

26 counts of offences

According to the attorney, David Smith is now on 26 counts of criminal offences in relation to Olint.

He said several of the counts were related to the same complainant and the same witnesses.

Oliver Smith said the charges include theft, false accounting and uttering false documents in the British territory.

A few months ago, Joseph P. Connolly, the liquidator appointed to wind up the failed investment scheme, said there was not enough money to repay clients.

According to Connolly, the only identified asset of Olint TCI is the money that was frozen by the authorities in the United States and the Turks and Caicos.

That money amounts to US$13 million, which is several times less than the total claims.

In July last year, members of the Royal Turks and Caicos Islands Police Force raided David Smith's house and seized documents and computers.

He is scheduled to return to court on October 26.

David Smith was first arrested in February and again in June after additional charges were laid against him.