iCreate to Take Legal Action Against Sagicor Investments

• Listed Junior Market company iCreate Limited says it will be taking legal action against Sagicor Investments. The company says it is challenging the decision made by Sagicor Investments to place the digital and creative firm into receivership.
• CEO and founder of iCreate Tyrone Wilson said the decision was made after careful discussion with his legal team. The news comes less than 48 hours after it was made public that iCreate paid off the outstanding funds on the $24Mn bond from Sagicor Investments.
• "Once we got notice of the purported receivership, we immediately sought legal representation and engaged the services of Henlin Gibson Henlin led by King's Counsel Georgia Gibson Henlin. iCreate contends that Sagicor Investments Jamaica Limited Appointment of Receivership is invalid - a stance clearly communicated to Sagicor by our legal team throughout the last six weeks."
• He further stated that contrary to public perception, iCreate has continued to manage its operations independently since the notice of appointment of receivership.
• In response to iCreate's decision, Sagicor Investments said it wishes to reassure its stakeholders that it is confident in the propriety and legality of its actions relating to the receivership. Sagicor Investments said it is prepared to vigorously defend any litigation that may be filed against it in this matter.

(Source: RJR)