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Gary Peart (eft), CEO of Mayberry Investments Limited, and Executive Chairman of Mayberry Investments Limited Christopher Berry (right) share a laugh with Deputy Chairman and CEO of the Sandals/ATL Group Adam Stewart (File photo)

Mayberry directors resign from Lasco Microfinance board, citing future conflict of interest

Gary Peart (eft), CEO of Mayberry Investments Limited, and Executive Chairman of Mayberry Investments Limited Christopher Berry (right) share a laugh with Deputy Chairman and CEO of the Sandals/ATL Group Adam Stewart (File photo)

Directors of Mayberry Investments Limited and also Supreme Ventures Limited Christopher Berry and Gary Peart have resigned from the board of remittance, loans, and cambio services provider Lasco Financial Services Limited (LASF).

The two said the reason for their resignation is that a future conflict of interest may arise.

Lasco Financial Services Limited office on Red Hills Road in St Andrew, Jamaica (Photo: Breakthrough Communication)

In a notice via the Jamaica Stock Exchange on Tuesday, December 29, 2020, LASF explained that  “Mr Christopher Berry and Mr Gary Peart, acting on behalf of Mayberry Investments Limited, have resigned as directors of the boards of both Lasco Financial Services Limited and Lasco Microfinance Limited for [a] reason which they perceive might result in a future conflict of interest due to their involvement with Supreme Ventures Limited.

“Further, Mr Peart has indicated that as a member of Lasco Financial Services Limited Audit Committee, there are no accounting or auditing issues that have had any impact whatsoever on his decision to resign from the board.

Mayberry still a shareholder

“Pursuant to the further Amended Articles of Incorporation in 2016 Mayberry Investments Limited is considering candidates as suitable replacements to the boards,” the LASF notice stated.

Mayberry Investment Limited’s office on Oxford Road in St Andrew, Jamaica (File photo)

Mayberry Jamaican Equities Limited owns approximately 20 per cent of Lasco Financial.

LASF main business activities are money transfer (send/receive transactions) within Jamaica, as well as transactions to and from Jamaica to the world; currency exchange (in cash and drafts for USD, and cash only for GBP, CAD, KYD, and Euro) to local businesses, small entrepreneurs and the general public;  consumer loans to salaried borrowers and business loans and support to micro and small businesses.

The company has three branches and over 125 locations in its remittance network, and offers cambio services through three sub-agents.

LFSL is publicly traded on the Junior Market of the Jamaica Stock Exchange under the trading symbol LASF.