November 1, 2012
Mark Finlayson
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City Markets workers bid to jail Finlayson
Former workers are bidding to jail City Markets principal, Mark Finlayson, because he and other trustees have allegedly failed to obey previous Supreme Court Orders to hand over funds to the defunct supermarket chain’s employee pension fund.
City Markets: 'Less than $2m' left for creditors
The sale of City Markets’ leasehold interests has finally been completed, but its principal warned that “less than $2 million” will be left for the remaining creditors - including his family and former staff - to fight over.
City Meat: 'Strong case' for lawsuit versus wholesalers
City Markets’ majority shareholder believes there is “an extremely strong case” for initiating legal action against the Bahamian wholesale industry for alleged breach of agreement, although it wants to leave the final decision to all investors.
'Breach of trust' fear blocked $3.8m HQ deal
Trustees for the City Markets employee pension fund would have “been in absolute breach of trust” had they sold the former supermarket chain’s head office to a Bahamian wholesaler for $3.8 million, with one charging the buyer “wanted something for nothing”.
City Markets: Choose pension or severance
The $2.5 million remaining from the sale of its leasehold interests will not be enough to fully compensate City Markets’ creditors, its principal revealed yesterday, adding that by law the company’s former employees were not entitled to receive both their severance pay and pensions.
City Markets: 'Stuck' $3.5m deal holds-up staff payout
City Markets workers have yet to receive their severance pay and benefits because the $3.5 million sale of the former supermarket chain’s leasehold interests has still to formally conclude, Tribune Business was told yesterday.
City Markets chief's 'legal action' pledge over Harbour Bay site
The former City Markets’ supermarket chain’s principal yesterday pledged to take “strong legal action” against its ex-Harbour Bay store’s landlords and BISX-listed AML Foods, arguing that his company was current on rental payments when the lease was terminated.
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