Access case adjourned until next Wednesday

KINGSTON, Jamaica — The case between Access Financial Services CEO, Marcus James, and directors of the loan company has been adjourned until next week Wednesday.

Access Financial directors Christopher Berry, Gary Peart and Brian Goldson, as well as Mayberry West Indies Limited, are named as defendants in James’s claim filed with the court on April 3.

Last week, the directors exercised their powers granted under Article 112 of the Articles of Association and passed a resolution to strip James of his management powers and appoint Alexander Johnson to act as CEO along with James.

However a court order the previous week had instructed that, such resolutions and decisions should not remove the claimant as CEO of Access Financial Services and neither to vary, alter, or modify the claimant’s salary or emoluments.

James and Access directors have been embroiled in a dispute surrounding certain actions.

In a letter to James, the board set out the following charges against him: failure to address critical issues on a timely basis, failure to present the board a timely and cogent analysis of the factors that caused the unexpected downturn of the fourth quarter (2013) results, together with a plan for addressing the factors that caused it; failure to obtain approval from the board for capital expenditure; breach of fiduciary duty; and failure to obtain board approval prior to negotiating loan agreements.

Founded by James, Access began operating in 2000 and now has 15 outlets islandwide. It is the leading microfinance company in Jamaica. Mayberry acquired a 49 per cent minority stake in Access in 2006 for J$38 million.

Access became the first company to list on the JSE Junior Market in 2009.

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