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iCreate Limited, in response to media releases by Sagicor that it is released from receivership wishes to clarify that at all times it challenged the Sagicor Investment’s right to call the bond as well as the receivership.  Sagicor is aware that the settlement was made subject to these challenges. We have arrived at this position after a legal review of the appropriate documentation and numerous communication between our Attorneys Henlin Gibson Henlin and the Attorneys representing Sagicor Investments Jamaica Limited and the purported receiver.

Background:

iCreate Limited has enjoyed a longstanding and mutually beneficial relationship with Sagicor Investments. As pioneers in our field, Sagicor was one of the first institutional investors and also led our IPO, demonstrating their confidence in our vision during our nascent entrepreneurial days. Over the years, open dialogue and efficient management of investment obligations characterized our association – especially with Sagicor being a top 5 shareholder in our company.

However, in recent times, a seismic shift occurred in our dealings with Sagicor, marked by a sequence of events culminating in the decision by Sagicor Investments Jamaica Limited to place iCreate in Receivership.

The sudden receivership has raised significant concerns within iCreate Limited, 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.

Next Steps:

1. It is important to note that once we got notice of the purported receivership we immediately sought legal representation and engaged the services of Henlin Gibson Henlin (HGH), led by Kings Counsel, Georgia Gibson Henlin.
2. iCreate contends that Sagicor Investments Jamaica Limited's Appointment of Receivership is invalid, a stance clearly communicated to Sagicor by our legal team. A letter was sent to the Receivers to halt their actions against iCreate Limited.
3. Contrary to public perception, iCreate has continued to manage its operations independently since the Notice of Appointment of Receivership. The company remained under our control, operating on a normal day-to-day basis.
4. After our legal argument was outlined by our Attorneys to Sagicor’s Attorneys, a Deed of Settlement, Release & Indemnity was subsequently sent by Sagicor's legal representative to our legal team. However, after careful consideration of the terms outlined, we rejected the agreement, opting instead to pay out the bond in full, without settlement.

Legal Action:

iCreate Limited, authorized by its Board of Directors, is set to file a lawsuit against Sagicor Investments Jamaica Limited in respect of the illegal and invalid appointment has resulted in severe damages to iCreate, its subsidiaries, its Directors, and the continuity of our business ventures. As a result, we intend to seek damages in the Court of Law to rectify the financial and reputational repercussions incurred.

Legal documents, meticulously drafted by our Legal Counsel, Georgia Gibson Henlin, and the HGH team, are currently being finalized for filing in the Supreme Court of Jamaica.

Conclusion:

Despite outstanding amounts, iCreate Limited has demonstrated an unwavering commitment to open communication with Sagicor throughout the challenging period, including the global pandemic. Our dedication to transparency, justice, and upholding our rights remains steadfast.

We want to thank our shareholders for their patience as we chart our way into becoming a digital and creative group of companies along with other strategies to grow.

Read more: iCreate Initiates Legal Action Against Sagicor Investments Over Controversial Receivership