AIC (Barbados) Limited, the investment vehicle linked to businessman Michael Lee-Chin, has discontinued its case against Cornerstone Financial Holdings Ltd, according to filings seen by the Financial Gleaner.
“The claimant by its attorneys discontinues the claim against the defendant with no order for costs,” the court filing dated March 20 stated.
The move comes days after AIC filed a claim in Jamaica’s Supreme Court seeking declarations regarding pledged shares in NCB Financial Group Limited. Court listings indicated that on March 16, AIC and Cornerstone were scheduled for a 30-minute session in chambers in the Commercial Division of the Supreme Court.
According to the claim form, Cornerstone lent AIC J$231 million across three transactions in October 2024, January 2025 and March 2025. To secure those loans, AIC pledged more than 22.1 million ordinary NCB shares, valued at about J$951 million.
The claim sought declarations that Cornerstone would return the shares upon repayment of the loan. The claim also sought a declaration of what was owed under the loan agreements.
Cornerstone, founded by Paul Simpson, has not filed a defence, and its position on the matter is not known. The Financial Gleaner, after multiple attempts, was unable to obtain official comment from either party before publication.
business@gleanerjm.com
