Jamaican businessman Delroy Howell who is the lead principal of New Kingston’s Wyndham Hotel, has won the first skirmish in his legal battle to reclaim control of First Financial Trust Company of which Judith Wilchombe, a national of the Bahamas and a former employee of Howell’s, managed to secure a majority shareholding.

In October of this year, she ousted the former majority shareholder Delroy Mitchell and board director Kenarthur Mitchell and accused both men of failing to account for US$13.9 million in assets.

Wilchombe attempted to have both men’s assets frozen but Justice Patrick Brooks of the Supreme Court lifted the freezing order against Delroy Howell, Kenarthur Mitchell, First Financial Caribbean Holdings Limited and First Financial Caribbean International Group Limited.

On October 1, 2010, the court had directed that the proceeds of the sale of the Bay Roc property not be touched and that every effort be made to account for such proceeds.

A sworn affidavit by Judith Wilchombe (claim No.2010 CD 0086) filed in the Supreme Court of Jamaica on November 30, 2010 reads: ” I refer to the order made by this Honourable Court on November 17, 2010. The Claimant is unable to account for the proceeds of the sale of the Bay Roc property in the way directed by the Court for the reasons outlined in this avidavit.

“When the Claimant received the funds, I did not know that the Claimant would be required to account for them separately from any other trust company funds or that it would be required to not expend them in the usual and ordinary business of the Claimant. As a result, the funds were not placed in a segregated account. They were deposited into an account in which there were other trust company funds. If I have caused the Claimant to breach the order, I apologise. That was not my intention.”

Judith Wilchombe is represented by attorneys Michael Hylton & Associates and Delroy Howell is represented by the attorney Paul Beswick. Before Wilchombe gained control of the company, Howell held 80 per cent of its shareholding and served as its chairman. He has sued Wilchombe in the Turks& Caicos Islands in both the magistrate court and the Supreme Court. ( in order to ascertain just how she managed to gain control of the company). First Financial Caribbean Trust Company is incorporated and operates from the Turks& Caicos Islands. It is difficult to discern why she initiated legal proceedings in Jamaica.

Bay Roc comprises of a number of condominium units in the Bahamas of which First Financial Caribbean Trust Company owned one of those units. It was put on the market for a sale price of US$1.6 million by Delroy Howell. Wilchombe disposed of the property for just US$645,000.