Ricky Azan, whose unregulated investment club crashed earlier this year, yesterday insisted that he has not absconded from Jamaica, but rather is now in the United States working assiduously to repay investors at the very least their principal.

AZAN. I am a man of integrity and will honour all of my commitments

"The recent media reports in Jamaica about me are erroneous and I thought it was time I went on the record in an attempt to clarify matters," Azan told the Sunday Observer in a phone interview.

"I have not run away from Jamaica, and I want to make that absolutely clear," he said. "I chose to address my situation in the United States because I was getting very little accomplished in Jamaica. I have gotten more accomplished in the last two weeks than in the four months I was in Jamaica. I will honour all my obligations to the investors in full if I am allowed to do so. I am in the process of liquidating my assets and will start making monthly instalment payments as of June of this year."

Azan, proprietor of the popular Azan stores, left school at 13 and has been in business for 30 years. He has diversified his business interests and made forays into the financial sector with his cambio dealership, Money Express.

He garnered a reputation as a financial expert and much confidence was reposed in him. But earlier this year, the Bank of Jamaica suspended Money Express' operating licence in the wake of the failure of Azan's investment scheme.

Azan said that for three years he headed a private investment club with family and friends forming its membership. Club members were required to come up with a minimum investment of US$25,000.

"Until December of last year things were going great," he said. Contrary to media reports that I was managing total funds of US$57 million, at the height of the club's operations I was managing about US$20 million, averaging returns of between 40 and 60 per cent a year and not 40 and 60 per cent a month as has been reported."

He said he was able to make those returns by trading foreign currencies and other instruments such as commodities.

Azan's unlicensed financial organisation began running into serious problems at the end of last year, but many of the investors unaware of the precipitous state of affairs.

"The world markets began to become volatile, and together with the Iraq war, the beginning of a United States recession, Blair stepping down as prime minister of the UK and fluctuating interest rate movements, a domino effect took place which had a calamitous effect on the club," he said yesterday.

"At one stage I lost 25 per cent of all the funds I had under management. I tried to regain losses I had made by doubling my risk factor, which, in hindsight ,was not very wise. I didn't tell the club members that I was in a hole because I didn't want them to panic. Instead, I thought I could recoup losses and trade myself out of the situation, but things got beyond my control. Bear Stearns made huge losses yet didn't say anything before it was too late, because, like me, they didn't want to start a panic that would bring the whole thing down. The company opted, instead, to keep the situation quiet while working to address it. At no time did I attempt to defraud anybody and people must know this," declared Azan.
When he eventually did go to the club members to inform them of the club's dire straits, the initial response, he said, was one of calmness with no animosity or ill will directed at him.

He said he told the club members that he would liquidate his assets and all investors would get their principal.

Asked how he intended to repay club members? He responded: "People have asked me why didn't I make arrangements to pay say 20 or 30 cents on the dollar, but I want to pay everybody what is fully owed within 15 to 20 months. The club has about 170 members and I have set up a repayment plan on a website. Relevant information and updates can be found on repaymentplan1@yahoo.com.

"Initially I tried to call everybody on the phone but was not getting anywhere with that, so I decided the best way to touch base with the club members is via this site. I am doing everything I can to alleviate my investors' problems and at this time I need their patience and understanding," he pleaded.

"Right now, things are very tough for me. I am now going through a divorce and live a frugal existence in the United States as I try to make good on my promise to pay everybody," said Azan. "No one else is to be blamed here as I guaranteed that club members would make handsome returns on their investments."

"I have the Azan stores and a construction company called Life Development Limited. The construction company has several projects on its books and I am awaiting some funding to come through there. Right now, I am experiencing some legal difficulties, but let me assure everyone concerned that I am not a criminal. I am a man of integrity and will honour all of my commitments," he said.

Azan further explained that around 20 club members have recently turned aggressive in their pursuit of their money with some going to the police in an effort to get them to apprehend him.

Last Friday, businessman Keith Wishart got an order in the Supreme Court freezing the assets of Money Express and Ricky Azan. The assets have been frozen to allow Wishart to get back around US$400,000, which, he claimed, is owed to him by Money Express and Azan.

"People who are trying to pursue cases against me and want to see me fry, that will not help them retrieve their money," said Azan. "All that course of action does is hinder the process. I should be allowed to make good on my promise, instead of being distracted by police hounding me and people threatening me with lawsuits.

"I would like to especially thank family, friends and club members who, despite the fact that they were embroiled in this financial debacle, nevertheless have supported and stood by me," he said.

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