Freeze lifted on Howell and companies
IN an about-turn, the freeze order placed on the assets of lead principals of New Kingston’s Wyndham Hotel, Delroy Howell and Kenarthur Mitchell, was lifted on Friday.
The legal drama revolves around a dispute involving First Financial Caribbean Trust Company, formerly controlled by Howell, and of which Mitchell served as a director. The company is accusing both men of failing to account for millions of US dollars in assets that were under their management.
In what was a bitter takeover battle, Judith Wilchcombe, who served as a senior manager of First Financial Trust Company, acquired a majority shareholding in the company and dismissed both Howell and Mitchell in August of this year. She subsequently got a court order freezing their assets, claiming that both men failed to account for US$13.9 million in assets.
Attorneys Michael Hylton & Associates represented Wilchcombe.
Both Howell and Mitchell challenged the allegations and filed a counter suit. On Friday, Justice Patrick Brooks of the Supreme Court lifted the freezing order against Delroy Howell, Kenarthur Mitchell, FFC Holdings Limited and FFC International Group Limited.
Justice Brooks also took the decision to limit the freezing order to First Financial Caribbean (Jamaica) Limited and First Financial Caribbean Limited and reduced the amount secured from the original US$13.9 million to US$1.7 million.
Justice Brooks declared: “On the matter of the likelihood of the assets of the defendants being dissipated, I find that the claimant has produced very little by way of evidence in this regard.”
Speaking with the Observer, Howell said: “I am clearly pleased with the ruling. There is much more to come on this matter but we are well prepared to address each matter through the courts and are confident that this will all continue to resolve itself favourably.”
Attempts to contact Wilchombe, who hails from The Bahamas, for a comment on Justice Brooks’ ruling were unsuccessful.
Representing Howell and Mitchell and the related companies in the local proceedings is Richard Small QC, Lord Anthony Gifford QC, and Conrad George.
Earlier this year, both Howell and Mitchell, through their companies, acquired the former Hilton Hotel in New Kingston. The First Financial International Group operates an insurance brokerage, pharmaceutical and real estate investment companies within its portfolio.