Marlie Tech Park in limbo, as CEO accuses investors of sabotage

The 68-acre property in Marlie Mount, Old Harbour was the previous headquarters of the Jehovah’s Witnesses in Jamaica, but was now being repurposed for a mega development that would create jobs for thousands of Jamaicans.

The team led by Marlie Tech Park CEO Valrie Grant, who is the founder and managing director of GioTechVision, outlined in great detail to Jamaicans and prospective investors of their eye-catching US$30 million venture.

Establishing a 100-room hotel, a 3,500 capacity BPO operation and training centre and a conference hall capable hosting 2,000 people seated were announced from an ambitious to-do-list by Grant.

Sagicor Group Jamaica Limited, through its subsidiaries Sagicor Investments Jamaica Limited and Sagicor Bank injected US$4.9 million with IQ Park Limited. IQ Park limited is co-owned by Sagicor Investment and Marlie Technology Park with the former holding 60 per cent equity in the property.

The other investors remain unknown to the general public, however, Grant did say that Marlie Tech Park is fully owned by Jamaicans.

But in an apparent dramatic turn of events 12 months on, Grant is accusing her “bankers/partners” of sabotaging her dream project which is seemingly heading for a fall.

“A year ago, we acquired a 68-acre facility that was to be the home of a new technology park – the first truly smart community in Jamaica but my bankers/financial “partners” had other ideas.

“They essentially used me as a vehicle to get to the property and are now using sinister means to attempt to take over the facility. They simply see this as an ideal location for another housing development. This was never the vision and it will not bring the regional social and economic benefits that is possible and was outlined in our plan,” Grant wrote in a post on her official LinkedIn account.

“For Bankers to sit in boardrooms and scheme how to cheat entrepreneurs of their vision is inexcusable.

“The working capital that was originally apart of the term sheet has not been disbursed a year later and it is very clear that the financial institution has no intention of disbursing same.

“Their plan is simple – withhold the necessary working capital, thus inhibit our ability to meet recurring obligations and keep us in a position of vulnerability where failure looms.”

On May 21 Old Harbour News sought clarification via email from Sagicor’s chairman Richard Byles and chief executive officer Christopher Zacca but is yet to receive a response.
However, the company said the “allegations” in Grant’s post are “inaccurate” in a response to the Jamaica Gleaner.

“We look forward to meeting with Ms Grant to address her misapprehensions about our loan-approval process and any other concerns, at her convenience,” the company stated as reported by the Gleaner.

Sagicor has claimed client confidentiality in not commenting further on the matter, according to the Gleaner report.

But seems convinced it is do-or-die for project in an appeal to other potential investors to “save the vision”.

“We are running out of time and we’re seeking your help as we continue to fight to save the vision of creating jobs and serving those who are underserved. Help us save the project and declare to the world that the little people are important and it’s ok for a woman from rural Jamaica to dream big.

“I know this is not how the story ends for Marlie Technology Park. Please help us get the word out, so we can attract investors that are likeminded and ethical!” she concluded.