Butch Stewart has always regarded the ATL Group Pension Fund as one of his crowning achievements.

He wanted to ensure that the workers in his group of companies were adequately provided for and taken care of. He valued their service and kept an eye out for their well-being.

The hotel magnate and businessman died on January 4th, 2021 leaving behind a vast business empire. Before he passed he made it clear to all that his son Adam Stewart would succeed him and entrusted him to effectively manage what took him over half a century to create.

Since his death, there has been acrimonious fighting over his estate and it is yet to be determined how the businesses should be run and by whom.

That is well documented and continues to be covered in the press. It is also the subject of legal proceedings.

Last week it was reported in the media that certain executors including lawyer Trevor Patterson want an order to conduct an urgent ‘red flag” audit of Gorstew Limited and ATL and its subsidiaries.

Certain executors have voiced “serious concerns” about the operations of the companies since Butch Stewart’s death.

There can be little dispute over Butch Stewart’s statement that his son Adam who was bequeathed a 52 per cent interest in the ATL Group of Companies may establish a management team to handle the portfolio of companies. Seems prudent enough.

It has been nearly four years since Butch Stewart died and there has been no clear resolution as to how his estate should be distributed. Some executors say Adam “assumed the chairmanship” despite his father telling all that he was to succeed him and that he had the ability to do so.

In other words, these executors say Adam put the crown on his head, rather like Napoleon did, declaring himself Emperor of France.  All he needs now is a cape and sceptre! 

The Trustees of the ATL Pension Fund are reputable professionals who judiciously go about their responsibilities. It is one of the most sizeable pension funds in Jamaica, taking care of thousands of private sector employees.

The Chairman of the fund is Keith Collister, a man of impeccable character with a stellar reputation for doing the right thing. Anyone who knows Keith Collister will tell you he is a “belt and braces” man. He does things by the book and is not given to operating on whimsical fancy. He is conservative by nature and does not take chances.

To embroil him in the family drama is eyebrow-raising.

He must have been surprised when it was reported in the press that court documents from Trevor Patterson and other executors said the fund which he presides over made loans to Adam Stewart in his personal capacity.

 Now this is a serious allegation. Did the ATL Pension Fund and its Trustees collude to do this? What would make Trevor Patterson say this?

Keith Collister quite rightly addressed this allegation expeditiously and with clarity. He did so with alacrity.

The following is Keith Collister’s statement:

“We hereby address misleading information with regard to a Gleaner report, which quoted allegations made in court proceeding, published on 1st December 2024 under the heading -“ Battle over Butch Stewart’s empire deepens – Executors call for audit, siblings counter with lawsuit.”

“The ATL Group Pension Fund is a pension fund regulated by the Financial Services Commission (FSC). As such, at all times the fund must operate within the laws, regulations and rules governing the Fund as well as operate based on the provisions of the Deed, which established the Fund.

“Therefore all decisions taken by the ATL Group Pension Fund are in keeping with the law and the Deed. The Pension Fund Investment Committee approves all investments made by the Fund. Adam Stewart is not and has never been a member of the Investment Committee.

“The Fund has made no loans to Mr. Adam Stewart in his personal capacity. It has made a total of three investments in companies related to Mr. Stewart. These investments were short-term, on commercial market terms, have been fully repaid and have yielded attractive earnings for the Fund.

“At its highest point, the combined related party investments as a proportion of Assets under Management was just over 4 per cent while FSC’s regulations allow investment of up to 10 per cent of the fund in related party investments. The Fund previously had made other related party investments with other group companies, and this is the norm within the industry.

“The ATL Group Pension Fund is professionally managed in accordance with its legal responsibilities for the sole benefit of the Group’s members and pensioners.”

Keith Collister signed this statement on the 4th of December 2024, in his capacity as Chairman of the ATL Group Pension Fund Trustees.