Where is Ricky Azan?

[evanovitch]

Where is Ricky Azan?

2008-04-19 jamaica herald

Local law enforcement officials and investors, including some clients of a well-known attorney, might have to ask for outside assistance to find Ricky Azan, boss of the collapsed Money Express financial entity.

Based on information reaching the Sunday Herald, Azan, facing increasing heat from anxious investors to retrieve millions of dollars, might have fled the island and is now somewhere in Miami. Members of his family have reportedly joined him. Persons close to him said he was due to return to the island on Friday.

However, calls to his cell phone on Friday and yesterday went unanswered.
The Sunday Herald checked with the Police Fraud Squad to verify reports that several clients of the well-known attorney who sources said lost US$2 million, had reported the matter to them. However, Superintendent Fitz Bailey said he was not aware of any report to the police.


Up to US$57 million was blown up in the crash of the investment house operated by Azan, who was the constituency treasurer of Central St. Catherine Member of Parliament, Olivia “Babsy” Grange. Sources said many businessmen who invested millions of dollars in the scheme were in disarray weeks after it busted without any indication of reimbursement for the investors.

The Supreme Court last week awarded US$200,000 to investor Michael Ellington in a default judgment against Azan. Ellington loaned Azan US$199,866 to be invested last year. He received no interest and the principal was not repaid. Investors were required to invest a minimum of US$25,000 in Azan’s ill-fated scheme.

Three other investors, Richard Preston, Elizabeth Dudhu and Dorothy Gardener, filed suits against Azan in February, to recover $17 million.

Azan, a prime fund-raiser for the ruling Jamaica Labour Party (JLP), was named to the boards of several public bodies after the JLP took state power. However, he quit after news broke that he was in trouble.

[bee_bop]

Re: Where is Ricky Azan?

<span style="color: #660000">I don't get it...what does the cartoon have to do with the story about Ricky Vaz???</span>

[Dr.Dudd]

Re: Where is Ricky Azan?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Littleman</div><div class="ubbcode-body"><span style="color: #660000">I don't get it...what does the cartoon have to do with the story about Ricky Vaz???</span> </div></div> He is supposed to be one of the alternative investment head huncho that hepl funded the party in power, and now that his business crash they abandon him.
So I suppose somebody is suggesting that he would probably be willing to fund the PNP for thios one.

One reason why they are intrested in destroying all alternative investments,is that if money is available in the black dempgraphy they can fund the party with thei rinmttrest at heart.So ther you have ut. Azan is unlikely to trust PNP though (politicians can't be trusted,they make any promise to win. Although Azan's investors were not so much of the shaded vareity.

[bee_bop]

Re: Where is Ricky Azan?

What you just wrote, Dr. Dudd, still doesn't explain how that cartoon relates to the story it was placed with...

People running from the PNP headquarters, in fear of a JLP victory at the polls...how does that fit into Ricky Vaz's disappearance????

[Dr.Dudd]

Re: Where is Ricky Azan?

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Littleman</div><div class="ubbcode-body">What you just wrote, Dr. Dudd, still doesn't explain how that cartoon relates to the story it was placed with...

People running from the PNP headquarters, in fear of a JLP victory at the polls...how does that fit into Ricky Vaz's disappearance???? </div></div> That cartoonist is not a very bright or lucid thinker as a result his message is always lacking. As long as he is bashing rge PNP irrespecrive of how disjointed, he knows his pay is guaranteed.
So he dutifully paints for his food.

[evanovitch]

Money Express assets frozen

Money Express assets frozen
published: Friday | May 2, 2008

Kingston businessman Keith Wishart yesterday got an order in the Supreme Court freezing the assets of the recently shut down cambio dealer Money Express Financial Services Ltd and investor Ricardo 'Ricky' Azan.

The assets have been frozen to allow Wishart to retrieve US$396,000 (J$28.14 million) which he claims is owed to him.

Justice Marjorie Cole-Smith granted the order after hearing submissions from attorney-at-law Jacqueline Wilcott, of the law firm Knight, Junor and Samuels.

Other defendants

The other defendants against whom the freeze order has been made are directors Karen Collings and Richard Azan.

Richard Azan is also the former Member of Parliament for North West Clarendon and now the People's National Party's candidate for the constituency.

Yesterday, he told The Gleaner that he resigned from the board of directors of Money Express in July of last year, before the collapse of the company. The Gleaner was not able to contact Ricardo Azan or Karen Collings.

The defendants have been restrained from removing their assets from Jamaica and from dealing with their assets.

The restraining order remains in force until the matter comes back before the court on May 15.

Wishart said in court documents that after making contact with Ricardo Azan in October 2007, an agreement was made for him to deposit Jamaican money at the cambio in order for them to buy US dollars for him.

Not an investor

He said he did not invest in the cambio and that his business with the cambio was the buying of US dollars in order to pay his suppliers and business partners overseas.

Wishart further said, in November last year he requested a cheque for US$30,000 (J$2.13 million) to be made to one of his suppliers overseas but the cheque was returned a week later.

Wishart said he made enquiries as to why the cheque was returned and was told that an overseas financial company was closed and its assets frozen due to mismanagement.

Three other suits are pending in the Supreme Court in which investors have sued Money Express to recover more than $17 million.

[evanovitch]

'I have not run away'

'I have not run away'
Ricky Azan says he's in the US awaiting money to repay investors in his failed investment club
By Al Edwards
Sunday, May 04, 2008



Ricky Azan, whose unregulated investment club crashed earlier this year, yesterday insisted that he has not absconded from Jamaica, but rather is now in the United States working assiduously to repay investors at the very least their principal.


AZAN. I am a man of integrity and will honour all of my commitments
"The recent media reports in Jamaica about me are erroneous and I thought it was time I went on the record in an attempt to clarify matters," Azan told the Sunday Observer in a phone interview.

"I have not run away from Jamaica, and I want to make that absolutely clear," he said. "I chose to address my situation in the United States because I was getting very little accomplished in Jamaica. I have gotten more accomplished in the last two weeks than in the four months I was in Jamaica. I will honour all my obligations to the investors in full if I am allowed to do so. I am in the process of liquidating my assets and will start making monthly instalment payments as of June of this year."

Azan, proprietor of the popular Azan stores, left school at 13 and has been in business for 30 years. He has diversified his business interests and made forays into the financial sector with his cambio dealership, Money Express.

He garnered a reputation as a financial expert and much confidence was reposed in him. But earlier this year, the Bank of Jamaica suspended Money Express' operating licence in the wake of the failure of Azan's investment scheme.

Azan said that for three years he headed a private investment club with family and friends forming its membership. Club members were required to come up with a minimum investment of US$25,000.

"Until December of last year things were going great," he said. Contrary to media reports that I was managing total funds of US$57 million, at the height of the club's operations I was managing about US$20 million, averaging returns of between 40 and 60 per cent a year and not 40 and 60 per cent a month as has been reported."

He said he was able to make those returns by trading foreign currencies and other instruments such as commodities.

Azan's unlicensed financial organisation began running into serious problems at the end of last year, but many of the investors unaware of the precipitous state of affairs.

"The world markets began to become volatile, and together with the Iraq war, the beginning of a United States recession, Blair stepping down as prime minister of the UK and fluctuating interest rate movements, a domino effect took place which had a calamitous effect on the club," he said yesterday.

"At one stage I lost 25 per cent of all the funds I had under management. I tried to regain losses I had made by doubling my risk factor, which, in hindsight ,was not very wise. I didn't tell the club members that I was in a hole because I didn't want them to panic. Instead, I thought I could recoup losses and trade myself out of the situation, but things got beyond my control. Bear Stearns made huge losses yet didn't say anything before it was too late, because, like me, they didn't want to start a panic that would bring the whole thing down. The company opted, instead, to keep the situation quiet while working to address it. At no time did I attempt to defraud anybody and people must know this," declared Azan.
When he eventually did go to the club members to inform them of the club's dire straits, the initial response, he said, was one of calmness with no animosity or ill will directed at him.

He said he told the club members that he would liquidate his assets and all investors would get their principal.

Asked how he intended to repay club members? He responded: "People have asked me why didn't I make arrangements to pay say 20 or 30 cents on the dollar, but I want to pay everybody what is fully owed within 15 to 20 months. The club has about 170 members and I have set up a repayment plan on a website. Relevant information and updates can be found on [email protected].

"Initially I tried to call everybody on the phone but was not getting anywhere with that, so I decided the best way to touch base with the club members is via this site. I am doing everything I can to alleviate my investors' problems and at this time I need their patience and understanding," he pleaded.

"Right now, things are very tough for me. I am now going through a divorce and live a frugal existence in the United States as I try to make good on my promise to pay everybody," said Azan. "No one else is to be blamed here as I guaranteed that club members would make handsome returns on their investments."

"I have the Azan stores and a construction company called Life Development Limited. The construction company has several projects on its books and I am awaiting some funding to come through there. Right now, I am experiencing some legal difficulties, but let me assure everyone concerned that I am not a criminal. I am a man of integrity and will honour all of my commitments," he said.

Azan further explained that around 20 club members have recently turned aggressive in their pursuit of their money with some going to the police in an effort to get them to apprehend him.

Last Friday, businessman Keith Wishart got an order in the Supreme Court freezing the assets of Money Express and Ricky Azan. The assets have been frozen to allow Wishart to get back around US$400,000, which, he claimed, is owed to him by Money Express and Azan.

"People who are trying to pursue cases against me and want to see me fry, that will not help them retrieve their money," said Azan. "All that course of action does is hinder the process. I should be allowed to make good on my promise, instead of being distracted by police hounding me and people threatening me with lawsuits. [img]/forums/images/%%GRAEMLIN_URL%%/rolleyes.gif[/img]
"I would like to especially thank family, friends and club members who, despite the fact that they were embroiled in this financial debacle, nevertheless have supported and stood by me," he said.