We will not bow, says iCreate CEO
Battle lines drawn after receivership rescinded
Published:Saturday | February 3, 2024 | 12:10 AMNeville Graham/Business Reporter
The battle lines are drawn as digital media company iCreate has vowed to take court action as it slapped down a deed of settlement, release and indemnity sent by Sagicor to its legal team.
The proposed settlement, among other things, sought to shield Sagicor from any legal action and muzzle iCreate’s representatives, according to CEO Tyrone Wilson.
“After careful consideration of the terms outlined, we rejected the agreement, opting instead to pay out the bond in full, without settlement,” Wilson told a press conference on Friday.
The digital media company is heading to court as it is claiming damages in the aftermath of the company being placed in receivership by Sagicor Investments.
ICreate says it has discharged its obligations under a $24-million bond agreement, which was to become due in February 2025.
Wilson is declaring the impending legal tussle a fight of epic proportions as he came out swinging at a press conference at the AC Hotel in New Kingston on Friday.
“I know this is a fight between David and Goliath, … but we will not be silenced. We will not bow. What was done is damaging to iCreate and it must stop,” a tough-talking Wilson repeatedly declared.
He has called on the services of Henlin Gibson Henlin and will be seeking unspecified damages as Wilson says several projects are now out the window in the aftermath of the six-year-old company being put in receivership.
Wilson said that when receiver Ken Tomlinson was appointed on December 18, 2023, to take over the company for being behind on payments for the $24-million debt, it came as a surprise as iCreate had made every effort to contact key persons at Sagicor to have the matter settled. He is charging that all efforts to make contact were ignored and that his company was only behind by about $5 million in payments.
Acknowledging that as far as they are concerned, “all amounts owed by iCreate Limited to the bondholder and trustee have been settled in full”, Sagicor Investments said its hands are clean and the company is ready for a fight.
“We wish to reassure our stakeholders that Sagicor is confident in the propriety and legality of our actions. We remain steadfast in our commitment to uphold the highest standards of integrity, ethics, and compliance in all our business activities,” it said.
“We are prepared to vigorously defend any litigation that may be filed against us in this matter,” Sagicor Investments added in a statement.