Access CEO moved but…

In the continuing struggle over control of Access Financial Services, the Board of Directors informed the Jamaica Stock Exchange that by resolution passed on April 14, 2014, the Board removed with immediate effect from Mr. Marcus James, all powers of management of the Company’s affairs previously granted to him by the directors under the articles of the Company.  Those powers will now vest in, and be exercised by, Mr Alexander Johnson, who was appointed by resolution to act as Chief Executive Officer, along with Mr. James, until further notice.

The resolutions were passed pursuant to an order granted by Justice Sykes on April 11, 2014, which varied a previous order of the Court. The report concluded that the dispute with Marcus James continues.

IC Insider understands that the dispute goes well beyond the issue of capital expenditure, which has been bandied about in the media and involves the critical matter of trust between the two major partners in the venture.

IC Insider has been informed that the issue of the quantity of shareholdings came up about two years ago when the Chairman, Brian Goldson, was sold shares by Mayberry out of their 39 percent holdings, which is covered by a shareholders agreement and stated in the company’s prospectus at the time they offered shares to the public in 2010. Subsequently, Mayberry preceded to acquire additional shares in the market, which became a matter of concern for Marcus James as the Chairman’s and Mayberry’s shares could out vote him.

The dispute at the time led to Mayberry asking James to buy them out and find a buyer for the block of shares. We have been reliably informed that Scotia Bank was approached but they were only interested in full ownership. Hence, that option fell through and no one else came up with the funds. Additionally, James was very concerned that he was being pressured to make big dividend payments rather than invest the surplus back in the business.

Apparently, the building at Half Way Tree Road was the breaking issue which led to the temporary removal of James as the CEO, who is accused by the Board of syphoning funds for a capital investment without Board approval for the benefit of himself and family.

Related post | Access & its CEO in Court

About IC Insider.com

Trackbacks

  1. […] who had expressed a desire to sell as a result of the dispute with the founding shareholder Marcus James finally did so, resulting in a billion profit on their investment. Overall trading in the market, […]

  2. Xuan-Lien says:

    Xuan-Lien

    Access CEO moved but…

  3. […] posts | Access CEO moved but… | Access & its CEO in Court | Access moved to Market […]

Обновили на порносайте pornobolt.tv порно страничку о том как парень выебал пизду мачехи, которая устала от своего муженька Комиксы, Манга читать онлайн на Русском языке

Brand new Partner with our doctors to make you happy is Omtogel RTP

Play Pin-up aviator Slots and e-Diet in Polska.