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Judge extends injunction freezing nearly $3 million from City Markets HQ sale

NASSAU, BAHAMAS — A Supreme Court judge has extended an injunction freezing nearly $3 million from the 2016 sale of City Markets' former East West Highway headquarters to AML Foods Ltd. Justice Dianne Stewart in a March 27th ruling said that having reviewed the evidence and heard all of the subm A Supreme Court judge has extended an injunction freezing nearly $3 million from the 2016 sale of City Markets’ former East West Highway headquarters to AML Foods Ltd. Justice Dianne Stewart noted that there is already evidence that some of the money has been disbursed to third parties. The judge also noted that the monies have left the control of the City Markets employee pension plan’s trustees Dennis Williams and Rosalee Mckenzie. AMl Foods had hoped to turn the former headquarters site into a new location for its Cost Right brand, but the trustees had sought to have the injunction discharged.

Judge extends injunction freezing nearly $3 million from City Markets HQ sale

Опубликовано : 12 месяцев назад от в

NASSAU, BAHAMAS — A Supreme Court judge has extended an injunction freezing nearly $3 million from the 2016 sale of City Markets’ former East West Highway headquarters to AML Foods Ltd.

Justice Dianne Stewart in a March 27th ruling said that having reviewed the evidence and heard all of the submissions, she was satisfied that the injunction instituted back in 2019 should be continued, noting that there is already evidence that some of the money has been disbursed to third parties.

While the judge made no findings as to whether those were proper transfers, she noted that the monies have left the control of the City Markets employee pension plan’s trustees Dennis Williams and Rosalee Mckenzie.

The City Markets headquarters and warehouse was the main asset owned by the now defunct supermarket chain’s employee pension plan, and its sale to AML Foods has monetized the real estate to the satisfaction of nearly 300 beneficiaries who have been waiting a decade for the recovery of their retirement savings.

Justice Stewart further stated in her ruling that there will be challenges in recovering the funds should a decision in the matter be made that the proceeds be returned to AML Foods.

AML Foods had hopes of turning the former headquarters site—located on the Soldier Road Industrial Park—into a new location for its Cost Right brand, a plan it has since moved on as the dilapidated remains tied up in litigation.

In a previous ruling, Justice Stewart had determined that AML Foods had a reasonable cause of action against the trustees and was satisfied that there was an arguable case with serious issues to be tried. The judge noted that trustee Rosalee Mckenzie in an affidavit indicated that $1,705,693 had been paid out from the $2,287,757.57 in purchase money. The trustees had sought to have the injunction discharged.

ABDAB (Associated Bahamian Distillers and Brewers) Properties Ltd, a corporate entity controlled by the Finlayson family that own the former City Markets food store chain, contend that Williams and McKenzie were never appointed as trustees to hold property and were not entitled to hold any money from the sale.

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