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Local News>Court petitioned to wind up JNAP for unpaid debtSabrina Gordon - Business Reporter |
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A LITTLE known invest-ment outfit has petitioned the high court to wind up Jamaica National Access Point (JNAP), saying the telecom had borrowed monies but had not repaid the loan.
JNAP was sold by owner Mark Reid a month ago to an American-owned company for an undisclosed price.
But Anthony Dunn, the chief executive officer (CEO) of Ostrich Investment Limited, is seeking to recover US$103,000, the equivalent of J$9.2 million, plus another J$350,000, according to affidavits to the Supreme Court.
Ostrich petitioned the court in August to recover the funds.
Out of court effort
Reid, on Wednesday night, said he was seeking to resolve the issue out of court.
"The position is that we have spoken to Ostrich's lawyers and have made payment arrangement," he told the Financial Gleaner.
Dunn said he was advised late Wednesday that JNAP wanted to settle, but said an agreement would depend on the details of the proposal.
Ostrich is a one-year start-up, while JNAP has been in business since 2003, falling entirely into Reid's ownership after he bought out the interest of deceased partner Mark Panton.
Reid, while did not disclosing any detailed information, said that a partnership that JNAP was banking on fell through and so the company had not been able to honour the debt.
"We have been in back and forth discussions but the fact is that a certain partnership did not come through for us to settle," said Reid.
"I can't afford to disclose any more information at this time because it will jeopardise my business," he added.
Just a month ago, JNAP was acquired by a United States-based company Digital Utilities Ventures (DUTV), an outfit which specialises in the development of Internet protocol video transport systems.
The deal which, at the time, was still to be closed, will give DUTV 100 per cent ownership of JNAP, with Reid remaining as CEO. Reid suggested that the unrealised partnership was not in reference to the DUTV deal.
Dunn said that Reid agreed to make a payment by today, November 6, as part of the proposed settlement, and would provide a payment plan for the outstanding balance.
But the founder of Ostrich also said he would continue to weigh his legal options until full restitution is made.
In his affidavit to Dunn, he demanded payment from JNAP on April 6 this year, but the company has failed to pay the debt, claiming that it was "just and equitable" to have the firm wound up as a result.
A court hearing on the matter is set for January 14, 2010.
sabrina.gordon@gleanerjm.com