Kintyre addresses court action taken by VM Investments

Kintyre Holdings Limited (KHL) is distancing itself from the court action taken by VM Investments Limited (VMIL), while at the same time expressing hope of having the issues resolved.

Yesterday, VMIL reported that it has obtained an interim injunction from the Supreme Court that temporarily blocks Kintyre Holdings (JA) Limited (KHJL) from undertaking changes to key shareholdings linked to the company.

The investment firm said the order restrains certain actions involving shares and assets connected to entities with interests in Kintyre.

In response to questions from the Financial Gleaner, Chairman and CEO of KHL Tyrone Wilson, was adamant that his holding company, which is in the early stages of approaching the New York Stock Exchange, has nothing to do with the litigation brought by VM Investments.

“KHL confirms that it is not a party to the shareholder reorganisation currently being proposed, and that its shareholdings in Kintyre Holdings (JA) Limited, formerly iCreate Limited, do not form part of the reorganisation structure or any arrangements relating to the proposed NYSE listing,” Wilson declared.

He said KHL notes with concern that recent statements by VM Investments Limited appear to conflate separate matters and create an inaccurate impression by associating KHL with restructuring initiatives to which it is not a party.

Wilson added that KHL is “strongly encourages VM Investments Limited to seek appropriate clarification and refrain from statements that may mischaracterise the position or place the company into disrepute.”

Wilson said KHL has instructed its attorneys to review the current actions and advise on all available legal options.

Meanwhile, in a statement, KHL said it wishes to clarify that it did not file a defence to the matter, having consistently maintained that VMIL is owed and should be fully repaid—whether by cash or through other mutually agreed means.

"KHL, along with Mr Tyrone Wilson, accepts and welcomes the court's interim ruling and views the judicial process as one that is bringing the matter toward a fair and structured conclusion," read the statement.

"While KHL believes the matter could have been resolved commercially, it respects the court's role in bringing finality and ensuring fairness and equity."

On March 25, 2025 VM Investments filed a Without Notice Application for Freezing Order at the Supreme Court.

Documents seen by the Financial Gleaner indicate that Mrs Justice C Brown-Beckford granted an order restraining Kintyre Holdings, the defendant named in the order, “whether by itself, its directors, officers, shareholders, servants or agents ……,’ from doing anything to diminish the value of shares in Kintyre Holdings Jamaica Ltd.

The order is effective for the next 28 days.

The matter is set for hearing on April 27.

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