iCreate has been placed in receivership effective Monday, December 18, 2023.

I’m Kalilah Reynolds, financial journalist and educator based in Jamaica.

Money Media can confirm that Sagicor Investments has appointed Kenneth Tomlinson as the receiver for iCreate – meaning Sagicor Investments is essentially taking over control and management of the company.

Now if that name sounds familiar, Tomlinson is the same person who was appointed receiver and temporary manager for SSL in January.

Tomlinson wrote a letter to iCreate CEO Tyrone Wilson today serving notice that he’s been appointed receiver and manager by Sagicor Investments.

The letter cites a Debenture between iCreate and Sagicor Investments dated February 6, 2020.  The Debenture in question is a $24 million bond arranged by Sagicor Investments for iCreate.  The bond has semi-annual payments and was due to mature in 2025.

But it seems that iCreate has not been making the payments, and based on the terms of the arrangement, this gives Sagicor Investments the right to basically take over the company.

Tomlinson confirmed to Money Media this afternoon that he has indeed been appointed by Sagicor Investments as the receiver.

In fact, the letter from Tomlinson is signed by him as Chief Executive Officer, Receiver/Manager – iCreate Limited.

In the letter, Tomlinson says “full and exclusive powers of management and control of the company is vested in [him as] Receiver/Manager”.

He goes on to request a series of documents from Wilson, including all books and records, audited financial statements, bank account details, all creditors, debts, assets, tax position, and a bunch of other stuff.

Now bear in mind, Wilson recently fired iCreate’s auditors at last month’s AGM – the same day he reinstalled himself as CEO after resigning a few months prior.

We contacted Wilson for a comment today, but he told our news team that he hadn’t seen the letter yet, and therefore, would not comment.

So how will this affect iCreate’s status as a listed company on the Jamaica Stock Exchange?  We were unable to reach Managing Director of the JSE, Marlene Street Forrest, today for comment.

Now this is the latest development in a tumultuous year for iCreate, to say the least.  Watch this space as we keep you updated on the latest… And that’s The Bottom Line.