Meanwhile , chairman of the Cornerstone Mark Myers sent out the following statement below:

“The assertions being made by SIJL are totally baseless. We have treated Sagicor fairly and equally relative to the rest of our shareholding group which is consistent with our ethos in Cornerstone which is to engender an operating environment of transparency and adherence to applicable laws and regulations. Sagicor was fully aware of the capital raises being undertaken in Cornerstone and the records will reflect that they fully understood and acknowledged the underlying mechanics of the capital raises. SIJL as a fully informed shareholder opted against accepting the company’s invitation to participate in the capital raise and must accept the consequences of its decision.

The actions of the Cornerstone board and its dealings with the Cornerstone shareholder group have been open and fair at all times.

If anything, I would say that Cornerstone has treated Sagicor, who were granted shares in the business for nominal consideration and invited to sit at our shareholder table as a partner back in 2018, more than fairly. This fact is borne out by the significantly attractive economic benefits enjoyed by Sagicor arising from its relationship with Cornerstone over the last three years. Having put nothing down just three years ago, Sagicor is now offering its shareholding in Cornerstone for US$12.5 million. Against the backdrop of the foregoing facts, the actions taken by Sagicor and the true motivations behind same should perhaps be questioned by the Jamaican people including business principals and entrepreneurs.”