Business Briefs
Mystic Mountain case delayed to August
The hearings in the Mystic Mountain Limited bankruptcy case have been pushed back to August while the presiding judge attends to an unconnected constitutional case, which was set for conflicting dates.
Lawyers in the case said they were advised of the delay via email last week. The hearings which should have happened on June 26-28, have now been pushed back to August 2-4.
The June date had been set to hear trustee Debbie-Ann Gordon’s challenge of the debenture held by secured creditor Sky High Holdings.
Additionally, receiver Wilfred Baghaloo, who got an offer for Mystic Mountain in August 2022, is awaiting a hearing for the court to approve the sale process.
Remittances fall in April
Remittance inflows to Jamaica over four months, January to April, dipped by nearly one per cent, the latest data from the Bank of Jamaica shows.
The inflows amounted to $1.07 billion for the period, while the flows in the comparative 2022 period were estimated at US$1.08 billion.
April alone say a near six per cent reduction in money transfers, from $289 million to $272 million. The largest source markets for remittances were the United States, 70.2 per cent; the United Kingdom, 10.2 per cent; and Canada, 9.4 per cent.
New Pan Jamaica to operate on four planks
The newly amalgamated Pan Jamaica Group will operate in four main segment: property and infrastructure, speciality food, financial services and global services, CEO Jeffrey Hall has said.
Property infrastructure will encompass ROK Kingston and Courtyard by Marriott hotels, Jamaica Property Company and virtual office space provider Regus, and the Capital Infrastructure Group. Speciality foods incorporates Hoogesteger, JP Farms, St Mary’s, JP Snacks, rum cake maker Tortuga International, and others.
The financial segment will include the group’s holdings in large insurance conglomerate Sagicor Group as well as Term Finance, while global services will incorporate holdings in Kingston Wharves, Geest Line, JP Logistics Solutions, Chukka Caribbean and Outsourcing Management Limited, which operates as itel.
Pan Jamaica Group, valued at $113 billion by assets, was created from the combination of the operations of Jamaica Producers Group with PanJam Investment Limited.