iCreate heads to court over Sagicor Investments receivership
Published:Friday | February 2, 2024 | 3:51 PM
Digital media company iCreate is heading to court to seek damages in the aftermath of the company being placed in receivership by Sagicor Investments.
ICreate has discharged its obligations under a $24-million bond agreement with Sagicor Investments, but a combative iCreate CEO, Tyrone Wilson, is not holding anything back as he told a press conference at the AC Marriot hotel today that this is a big fight.
“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 declared.
Responding to questions, Wilson declined to say just how much his attorneys, Henlin Gibson Henlin, will be seeking in the legal action, but he is already pointing to several projects totalling US$100 million, for starters, that are either on hold, have been scuppered, or have had to be shelved on account of iCreate being put in receivership.
Wilson said when Receiver Ken Tomlinson was appointed on December 18, 2023, to take over the six-year-old company for being behind on payments for a $24-million debt, it came as a surprise as iCreate had made every effort to contact key persons at Sagicor Investments to have the matter settled.
Wilson is charging that all efforts to make contact were ignored.
In an immediate response to Wilson's action, Sagicor Investments confirmed “that all amounts owed by iCreate Limited to the bondholder and trustee have been settled in full.”
Regarding the prospect of a lawsuit, it 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 declared.
“We are prepared to vigorously defend any litigation that may be filed against us in this matter,” Sagicor Investments said.
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