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The conflict between Kintyre Holdings and Victoria Mutual Investments Limited, like the war in Iran, is becoming increasingly fractious.

Businesses are built on stability and perception, and that must be closely guarded. Chaos is unsettling.

Kintyre has been making a number of bold acquisitions, with both its profitability and share price increasing notably.

VM Investments, which has made substantial loans to Kintrye, has noted this and rightfully expects Kintrye to make good on its commitments.

Kintyre wants to make transformational changes to its corporate structure and has plans to list on the NYSE.

This is a cause of concern to VM Investments who needs to know what entity will repay loans totalling hundreds of millions of dollars.

VM Investments has already won legal battles against Kintyre. It will not be drawn into discussing its dispute with Kintyre as the matter is before the court.

Over the last six months, Kintyre has been particularly litigious, with Kevin Frith, The Gleaner and other persons receiving letters from its lawyers. 

Some are of the opinion that Tyrone Wilson has become an alienating force in Jamaica and he is not making friends and influencing people. Wilson counters that he is all about business and winning, and that his company is one of the fastest growing in Jamaica, and that many are jealous of his success. 

VM Investments has obtained an interim court order granted by the Supreme Court of Jamaica, which temporarily restrains certain actions in relation to the relevant shares and assets.  It insists it has rights under existing security arrangements, that Kintyre’s attempted restructuring arrangement will materially alter, therefore it is now protecting its interests.

It is understood that Kintyre Holdings and its related entities owe VM Investments over J$500 million in loans. iCreate shares served as collateral for VM Investments, but the value of these shares has tanked precipitously. VM Investments sued iCreate to recover loans associated with the acquisition of billboard advertising company Visual Vibe. 

Kintyre has moved to strengthen its management team and made acquisitions in real estate properties (in Discovery Bay, St. Ann and also in Trinidad& Tobago)  and manufacturing, thereby diversifying its operations. Wilson has announced that Kintyre will be going into the REIT business. Its stake in Miracle Corporation sees it now in the rum business.

Kintyre has come out of the red and last year doubled its share price. Its unaudited financial results for the twelve months ended December 31, 2025, revealed a record net profit of J$157.5 million, up 95 per cent year on year. It has increased its asset base by over $300 million. 

Chairman of Kintyre Holdings, Tyrone Wilson, is supported and encouraged by NCB Chairman Michael Lee Chin.

So why is VM Investments looking to stop this restructuring of Kintyre and prevent shares and assets from being placed in another vehicle? 

Because it wants to recover what it is owed, and the assets that were pledged should not be encumbered.

In 2022, VM Investments advanced a margin loan to Kintyre Holdings to purchase Visual Vibe. It had already granted margin loans to Tyrone Wilson’s eMedia and AHL (SPV) Limited, both shareholders of Kintyre. 

Last October, the court said VM Investments could recover money owed by Kintyre since it had defaulted on the margin loan.

Last month, Kintyre Holdings announced that its principal shareholders would look to form a new restructured entity based in the United States.

Now, where does that leave VM Investments, which is owed over half a billion dollars by Kintyre? Can it recover what is owed by this new entity, which is beyond the confines of Jamaica’s legal jurisdiction? 

This could form a precedent for Corporate Jamaica, and many finance houses may be reluctant to make loans to the productive sector, particularly young entrepreneurs, if they are able to exercise that option to get out of obligations. 

Perhaps Kintyre Holdings should have informed VM Investments of its intentions, assured it that it would honour all of its obligations to a Jamaican finance house that was good to it, allowing it to go into expansion mode.

For his part, Tyrone Wilson explains that Kintyre Holdings (JA), formerly iCreate Limited, is not a part of the NYSE proposed listing and has nothing to do with the new reorganisation structure.

The Kintyre founder wrote: “Kintyre Holding Limited notes with concern that recent statements by VM Investment Limited appear to conflate separate matters and create an inaccurate impression by associating Kintyre Holdings with restructuring initiatives to which it is not a party and strongly encourages VM Investment Limited to seek appropriate clarification and refrain from statements that may mischaracterise the position or place the Company into disrepute.

“Kintyre Holdings has instructed its attorneys to review the current actions and advise on all available legal options.”

Jamaican Stephen Murray, who was once an executive at Schlumberger, speaking to Our Today from California, said: “Many will be paying close attention to this case on April 27th, 2026. It marks a watershed moment for Corporate Jamaica. It is commendable that Tyrone Wilson wants to grow Kintyre and take it on the NYSE. However, before he does so, he must consult with all those with a vested interest and honour all outstanding commitments. He must see to it that he is in good standing with all partners and stakeholders.

Jamaican banks and investment houses will not take the chance of being burnt like VM Investments. Already, Jamaican capital markets are very weak, and both the local and international environment, as it now stands, will see players not taking chances. It is going to be all about the bond market.

“I do note companies are becoming a lot more litigious in Jamaica, and many do not seem willing to sit down, have a drink and reconcile their disagreements. Perhaps this imbroglio can be settled, rather like Michael Lee Chin and Paul Simpson did, by coming to an understanding and agreeing not to further go down the litigation road.

Murray enthusiastically continued: “It’s probably more prudent to put money on Government Paper or blue chips rather than back these young business people that go on to bite the hand that was good to them. Many of these new business personalities in Jamaica put little stock in keeping their word, honour, commitment and abiding by corporate governance. I’ve heard the late Danny Williams talk about this, how they come with all kinds of promises and how they will do right and then leave you with their mess in your hands. They need mentoring and guidance. This is a lesson for VM Investments and all the other financial sector operators in Jamaica.

“There is nothing wrong per se in restructuring Kintyre and going international, but do the right thing, ensure all parties concerned are in the loop and don’t have a problem with it. Communication, communication.”