Yet another week which sees iCreate’s Tyrone Wilson bedevilled by yet another drama.
This time it is Victoria Mutual Building Society’s (VMBS) subsidiary VM Investments seeking to recover funds from loans granted to iCreate’s subsidiary, billboard advertising company Visual Vibe Limited.
Our Today understands the loans in total come to a whopping J$500 million.
VM Investments maintains that Kintyre Holdings, of which iCreate’s founder and lead principal, Tyrone Wilson heads, failed to make good on outstanding loans.
Another Wilson company, eMedia, also owes VM Investments for outstanding loans.
This latest news from the beleaguered Tyrone Wilson companies follows a press conference he held last Friday at the AC Marriott in Kingston in which he announced that his organisation will be suing Sagicor Investments Jamaica Limited.
His decision to sue Sagicor centres around the issuance of a J$24 million bond at 12 per cent interest which Sagicor maintains Wilson’s company failed to make timely payments.
Speaking at the press conference, 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.”
Sagicor made it clear that the bond has been paid in full and wished Wilson well with his ventures.
Wilson did not consider the matter now closed, escalating things by declaring he will be suing the financial services provider for what he perceives as damage to his companies’ reputation.
His lawsuit will cost a pretty penny…..or two.
In June 2022,iCreate reached an agreement to acquire Visual Vibe with VM Wealth as the lead arranger/broker for the rights issue.
Visual Vibe has been in business for two decades with 13 video advertising boards spread across the country.
At the time of the acquisition founder and CEO of Visual Vibe, Aldrich Mc Nab said: “ The business has great potential for expansion into other areas of advertising and iCreate came with some proposals that were good. We have been discussing the possibility of finding the right entity that can maximise the opportunities in this digital reality and we are confident we’re placing the company in good hands.”
Wilson was able to secure around J$40 million via short-term financing to go towards the acquisition of Visual Vibe.
Many are asking whether the rapid expansion of iCreate and Wilson’s companies lead to ballooning debt beyond his capacity to handle at a time of a spike in interest costs.
Georgia Henlin KC of Henlin Gibson Henlin will be defending Wilson’s interests against VM Investments.