Access Financial Services Ltd – Disclosure

By Claim Form filed in the Commercial Division of the Supreme Court of Jamaica on 14th June, 2014, the Company initiated proceedings which claim that moneys spent on renovating the building which houses the Company’s head office was done so to the detriment of the Company.

The Defendants to the claim are the Company’s Chief Executive Officer, Mr. Marcus James; Renew Limited, the leaseholder of the premises, (a company of which Mr. James is the sole shareholder and director); Nenan Limited, the owner of the premises, (a company owned and operated by the parents of Mr. James); and Mr. Neville James (the father of Mr. Marcus James).

The proceedings allege that the Company’s Chief Executive Officer, Mr. Marcus James, spent moneys on the renovation of the building which houses the Company’s head office without the authorisation of the board, in breach of his fiduciary duties and his contractual obligations and /or negligently.

It is alleged that the Defendants conspired to injure the Claimant in relation to the leasehold improvements.

It is further alleged in the proceedings that the Defendants were unjustly enriched by the renovations done to the head office premises.

The proceedings indicate that the Claimant is claiming the sum of $33,000,000.00 from the Defendants as well as damages.