iCreate vows legal action against Sagicor Investments

 

Listed Junior Market company iCreate Limited says it will be taking legal action against Sagicor Investments.

 

The company says it is challenging the decision made by Sagicor Investments to place the digital and creative firm into receivership. 

 

"I will not be silenced, and that is why I have called this press conference today," CEO and founder of iCreate Tyrone Wilson declared on Friday morning as he announced the company's decision. 

 

He said the decision was made after careful discussion with his legal team.

 

It comes less then 48 hours since it was made public that iCreate paid off the outstanding funds on the $24 million bond it took from Sagicor Investments in 2020. 

 

"Once we got notice of the purported receivership, we immediately sought legal representation and engaged the services of Henlin Gibson Henlin led by King's Counsel Georgia Gibson Henlin. iCreate contends that Sagicor Investments Jamaica Limited Appointment of Receivership is invalid - a stance clearly communicated to Sagicor by our legal team throughout the last six weeks."

 

He said contrary to public perception, iCreate has continued to manage its operations independently since the notice of appointment of receivership.

  

According to Mr. Wilson, the relationship between Sagicor and iCreate has broken down. 

 

"The sudden receivership has raised significant concerns with iCreate, particularly regarding the motive behind this drastic action, as prior to the purported appointment of Ken Tomlinson as receiver, best efforts were made by me personally to engage Sagicor, which were ignored," the iCreate boss pointed out.   

 

The value of damages being sought has not been disclosed, as Radio Jamaica News understands the claim is being made for what's considered "general damages". The sum would therefore be determined by the court, based on evidence presented by iCreate's legal team, which may include expert evidence.

 

In response to iCreate's decision, Sagicor Investments said it wishes to reassure its stakeholders that it is confident in the propriety and legality of its actions relating to the receivership.

 

Sagicor Investments said it is prepared to vigorously defend any litigation that may be filed against it in this matter.