Concurrent decisions in the Supreme Court have resulted in the Jamaica Mortgage Bank (JMB) being awarded millions owed by Ebony View Limited and YP Seaton and Associates Ltd.

The court also placed a charge in favour of JMB on 60 individual lots in which the defendants have interest.

The court additionally appointed as garnishees five financial institutions to answer the judgement, noting that living and ordinary business expenses would be allowed to the defendants, as agreed between counsel.

The case concludes claims brought by JMB, which provided financing for residential housing construction.

A $300-million loan was issued in November 2006 at 18 per cent per annum for Ebony View, a real estate development. The defendant companies were to have repaid the loans within two years of disbursement.

Court filings note that JMB was repaid only $792,945. JMB claimed damages of $1.04 billion, inclusive of annual interest of 16 per cent, to September 30, 2014. Other interest charges and costs pushed the claim up.

Claims were heard by Justice Bryan Sykes on October 18 and Justice David Batts on October 31 in the commercial division of the Supreme Court.

On the 18th Justice Sykes heard consolidated claims between the JMB and defendant York Ebony View Ltd, YP Seaton and Co Ltd, and ancillary defendants the Ministry of Housing and the Attorney General’s Department.

The court also heard a claim between JMB and York Page Seaton.

Summary judgement in the sum of $1.15 billion – inclusive of interest, court fees and attorney fixed costs — was granted against the two construction companies, Ebony View Ltd and YP Seaton and Associates Ltd.

Interest on the judgement sum was granted at the rate of six per cent per annum, equal to $189,105.91 per day from 18 October 2016 until payment.

In the claim against York Page Seaton, judgement was granted in the sum of $180.04 million, inclusive of court fees and attorneys fixed costs. Interest on the judgement sum was also granted at the rate of six per cent per annum, or equal to $29,595.62 per day until it is paid.

An application by defendants Ebony View and YP Seaton for stay of execution until ancillary claims were heard was not granted. Permission for leave to appeal was denied.

On October 31, in the hearing before Justice Batts, claims from the JMB against defendants YP Seaton and Associates, Ebony View and York Page Seaton were further heard. Provisional charging orders were granted over 60 parcels of land and the defendants were restrained from disposing of their interest in the land.

The court listed the National Commercial Bank, NCB Capital Markets Ltd, Jamaica Money Market Brokers Ltd, the Bank of Nova Scotia Ltd, and Mayberry Investments Ltd as “garnishees” for the purpose of the judgement involving $1.15 billion and $180.24 million, respectively.

The defendants were also asked to disclose within 14 days the whereabouts and nature of their assets. Inter-party hearings were filed for December 8 before Judge Sykes.

The Jamaica Observer reached out to both sides for comment, but neither responded up to press time.

In the October 18 hearing, the defendants were represented by Walter Scott, QC, and Anna Gracie instructed by Rattray Patterson Rattray. JMB was represented by Stuart L Stimpson instructed by Hart Muirhead Fatta.

The October 31 hearing was an “urgent without notice application for court orders”, in which Hadrian Christie and Stuart Stimpson, instructed by Hart Muirhead Fatta, represented the JMB.