iCreate, a digital media company headed by its founder Tyrone Wilson, has announced that it will be suing Sagicor in connection to a bond issued for J$24 million.

Speaking at a press conference this morning at the AC Hotel in Kingston, Wilson said: “You would have seen in the media this week that iCreate has paid out the bond in full. iCreate will be taking legal action against Sagicor Investments Limited. I will not be silenced and that is why I have called this press conference today. iCreate wants to clarify that at all times it challenged Sagicor Investments right to call the bond as well as placing iCreate in 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 documents and numerous communication between our attorneys Henlin Gibson Henlin, the attorneys representing Sagicor Investments and the purported receiver.

“iCreate has enjoyed a long-standing and mutually beneficial relationship with Sagicor. Not only was it a bondholder, it was among iCreate’s top-five shareholders. Sagicor was one of our first institutional investors and also led our IPO, demonstrating its confidence in our vision during our nascent entrepreneurial days. Over the years, open dialogue and efficient management of investment obligations characterised our association with Sagicor. However, in recent times there has been a seismic shift in our dealings with Sagicor, marred by a sequence of events culminating in the decision by Sagicor Investments to place iCreate in receivership.”

Wilson is questioning the motive behind Sagicor’s decision to bring in the receiver and call in the bond. He revealed that best efforts were made by him to engage Sagicor, which he said, were ignored. He added that he repeatedly called the chairman of the Sagicor Group and the President and CEO Christopher Zacca, but to no avail. He also went as far as calling members of the executive team, in addition to emailing them – nothing.

“There was a debt, there were interest fees outstanding. We communicated with Sagicor and cleared the interest payments in full. We requested a meeting with them to discuss the portion of the principal outstanding and nobody from Sagicor returned my call or got back to me by email. iCreate contends that Sagicor Investments Jamaica Limited’s appointment of the receiver is invalid, a stance clearly communicated by our legal team throughout. 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 and was operated on a normal day to day basis. The receiver was never in control of iCreate.

The CEO and chairman of iCreate made it clear that his company opted to payout the bond in full without settlement. iCreate, authorised by its board of directors, is set to file a lawsuit against Sagicor Investments Jamaica Limited in respect of the illegal and invalid appointment of the receiver.

“This has resulted in severe damage to iCreate, its subsidiaries, its directors and the continuity of our business ventures. We intend to seek damages in the courts of law to rectify financial and reputational repercussions incurred.Legal documents have been meticulously drafted by our legal team are being finalised before being filed in the Supreme Court of Jamaica.

iCreate has been buffeted by number of incidents and challenges and has sought to recalibrate. The pandemic was a particular bad time and hit the company hard. Meeting the JSE’s requirements has proved challenging with iCreate found wanting here. There has been frequent change in personnel. Yet it was able to acquire prized assets and make a play in the residential real estate space. Time is needed to get iCreate on track with sound management pursuing workable strategies.

Having a pop at current Group President and CEO Christopher Zacca, Wilson announced: “This is not the Sagicor, Danny Williams founded. This is not the Sagicor Richard Byles led. Our dedication to transparency, justice and upholding our rights remain steadfast. This is not just about iCreate. This is about supporting entrepreneurship in Jamaica. The financial institutions have a duty to do so. iCreate recently made a landmark acquisition of Visual Vibes which, at the time, was six times our valuation. We bought the company for US$4.3 million, yet still Sagicor placed us in receivership for US$156,000.00.

“Despite the negativity in the media and elsewhere, iCreate has enjoyed significant success which has positioned us for growth for years to come,” said Wilson.