Sagicor stands firm on iCreate receivership Loop Jamaica

The content originally appeared on: Jamaica News Loop News

Sagicor Investments has clarified its recent decision to appoint a receiver and manager for the distressed digital agency, emphasising that the primary objective is to ensure the full repayment of the privately placed iCreate bondholder.

The move came after iCreate failed to meet its payment obligations under a $24 million bond, which was to mature five years after it was issued on February 7, 2020, and brokered by Sagicor. 

In a press statement issued last Tuesday, Sagicor underscored its role as a trustee for the bondholder and affirmed its commitment to confidentiality regarding further details of the privately issued bond. 

It said the decision to appoint Kenneth Tomlinson as the receiver and manager was framed within the context of protecting the bondholder’s interests.

Sagicor’s statement also follows a critical social media post by iCreate’s founder and CEO, Tyrone Wilson, expressing dissatisfaction with the company’s portrayal in the wake of the receivership announcement. 

Wilson implied that negative attention stemmed not from iCreate being a publicly traded entity but from external efforts to tarnish the company’s reputation.

iCreate CEO Tyrone Wilson

Wilson also suggested that “Tyrone’s and iCreate’s and himself have been plastered over the internet, not because it’s a publicly traded company, but because people are bent on causing shame/damage to the company.”

The young businessman went on to direct “those concerned  and those asking me what’s happening … don’t ask me, ask Chris Zacca and Sagicor what’s going on.” 

Seemingly addressing comments raised by Wilson, Sagicor, on Thursday, asserted its fiduciary responsibility to safeguard the investments of all clients, including the bondholder affected by iCreate’s non-payment.

The decision to recover outstanding debts, according to Sagicor, adhered to a meticulous process outlined in the bond documentation, involving thorough review and decision-making by professional managers in line with best practices.

Sagicor emphasised that its sole objective in this situation is the full repayment of the iCreate bondholder, dismissing any insinuations of ulterior motives as baseless, improper, and defamatory.

It clarified that the appointment of a receiver was not an immediate step but followed an extended period of dialogue between the trustee, bondholder, and iCreate’s management, which unfortunately did not yield a full recovery of outstanding amounts.

As iCreate Limited is publicly listed, the appointed Receiver and Manager, Kenneth Tomlinson, has duly informed the Jamaica Stock Exchange about his role. Sagicor Investments requested that all inquiries related to this matter be directed to Tomlinson, who will serve as the primary point of contact.