Sagicor heads to court with B’dos’ Cornerstone

Sagicor Investments Jamaica Limited (SIJL) is threatening legal action against the Barbados-registered Cornerstone Financial Holdings Limited (CFHL) and the members of its board of directors in the Supreme Court of Barbados in connection with what SIJL says are two recent rights issues by CFHL’s Jamaica-based parent, Cornerstone United Holdings Jamaica Limited.

The investment brokerage is seeking damages in the amount of US$4 million.

In a media statement, SIJL said it had “issued legal proceedings” and set out the grounds of its claim in a fixed-date claim form prepared by its Barbados-based attorneys and dated December 15, 2021, that bore no indication it had actually been filed. Officials at Cornerstone said up the end of the business day Monday, they had not been served with any formal notice of the threatened lawsuit.

Officials at Cornerstone said up the end of the business day Monday it had not been served with any formal notice of the threatened lawsuit.

Late yesterday, Cornerstone issued its own media statement saying that in response to media reports of the impending action by SIJL, its board has sought legal advice from its attorneys in Jamaica and Barbados and will be defending the entities within the financial group against any legal action.

Cornerstone pointed out that the reported sum of US$4 million being claimed by SIJL represents 0.72 per cent of investment holding company’s shareholders’ equity, which it said stood at US$550 million as at September 2021.