Maya Ellison
Thermo-Plastics Jamaica Limited, once the largest plastics manufacturer in the Caribbean, was embroiled in controversy in 2012 when its former managing director, Jean-Marie Desulme, disputed the sale of its factory. Desulme claimed that the sale was illegal and that the company's legacy had been pillaged. The factory was held by TPL Limited, with the NIBJ controlling the interest in the company that owned the property. Omni Industries Ltd., a thermoplastic manufacturer based in Spanish Town, Jamaica, purchased the remaining 20,000 square feet of property owned by Thermo-Plastics for US$500,000.
| Characteristics | Values |
|---|---|
| Name of the company | Thermo-Plastics Jamaica Limited |
| Former managing director | Jean-Marie Desulme |
| Subsidiary | Plas-Pak |
| Company that owns the factory | TPL Limited |
| Company that holds controlling interest in TPL Limited | NIBJ |
| Company that bought the remainder of the property | Omni Industries |
| Amount paid for the remainder of the property | US$500,000 |
| Size of the property bought by Omni Industries | 20,000 square feet |
| Year of sale | 2012 |
| Price agreed for the factory | J$9 million |
| Disputed value of the factory | J$80 million |
| Company involved in a court case with Thermo-Plastics | Finsac |
| Other companies involved in court cases with Thermo-Plastics | National Commercial Bank, PricewaterhouseCoopers |
| Former receiver being sued | Richard Downer |
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What You'll Learn
- Omni Industries Ltd. bought some of the remaining Thermo-Plastics property
- The company was once the largest plastics manufacturer in the Caribbean
- The former managing director, Jean-Marie Desulme, is suing to stop the factory sale
- Desulme claims the sale was not publicly tendered and the price was too low
- TPL Limited holds the factory, with NIBJ controlling interest in the company
Omni Industries Ltd. bought some of the remaining Thermo-Plastics property
Omni Industries Ltd. is a leading manufacturer and distributor of PVC pipes and fittings, industrial packaging, garden hoses, and plastic houseware products. The company, which is based in Spanish Town, Jamaica, began operating in 1974 with just one extrusion line under a mango tree, specialising in garden hoses. Over time, they expanded their operations and now occupy over 30,000 square meters of factory and warehouse space.
In 2012, Omni Industries Ltd. was involved in a controversial acquisition of some of the remaining assets of Thermo-Plastics Jamaica Limited, once the largest plastics manufacturer in the Caribbean. Thermo-Plastics' former managing director, Jean-Marie Desulme, claimed that the sale of the factory was illegal and that the company's legacy had been pillaged. He disputed the size of the debt that led to the sale and argued that the price agreed upon—J$9 million for the 40,000-square-foot property—was far below its actual value of J$80 million.
Desulme also noted that the acreage of the property was incorrectly advertised as 1.8 acres, when it was actually 2.5 acres. According to Desulme, the remainder of the property owned by Thermo-Plastics, amounting to 20,000 square feet, was sold to Omni Industries for US$500,000. This transaction was part of a larger court case involving multiple entities, including Fincsac, NIBJ, National Commercial Bank, PricewaterhouseCoopers, and former receiver Richard Downer.
Despite the controversy, Omni Industries Ltd. continues to operate in Jamaica, producing and distributing a range of thermoplastic products. The company has also engaged in the "Adopt a Clinic" programme, contributing to the upgrade of health facilities across the island.
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The company was once the largest plastics manufacturer in the Caribbean
Thermo-Plastics Jamaica Limited, formerly one of the largest plastics manufacturers in the Caribbean, has had a tumultuous history in recent years, facing financial troubles and legal disputes. The company's former managing director, Jean-Marie Desulme, has been vocal about his dissatisfaction with the handling of the business, which was once his father's legacy.
With its subsidiary, Plas-Pak, Thermo-Plastics Jamaica Limited held a prominent position in the Caribbean's plastics industry. However, the company encountered financial difficulties, and the factory ended up being sold. Mr. Desulme has vehemently contested the sale, arguing that it was conducted illegally and that the agreed-upon price did not reflect the true value of the property. He has initiated multiple court cases against various entities, including Fincsac, the NIBJ, the National Commercial Bank, PricewaterhouseCoopers, and former receiver Richard Downer.
According to Mr. Desulme, the factory, which spans 40,000 square feet and sits on 2.5 acres of land, was sold for J$9 million, a price he deems far too low. He alleges that the sale should have been publicly tendered and that the discrepancy in the advertised acreage and square footage is evidence of foul play. The remainder of the property owned by Thermo-Plastics, amounting to 20,000 square feet, was sold to Omni Industries for US$500,000.
Omni Industries Ltd., a thermoplastic manufacturer based in Spanish Town, Jamaica, operates from over 30,000 square meters of factory and warehouse space. The company, which started in 1974 with a single extrusion line under a mango tree, has expanded its product lines over the years and is now a leading manufacturer and distributor of PVC pipes, fittings, industrial packaging, garden hoses, and plastic houseware products.
Thermo-Plastics' former managing director, Mr. Desulme, remains steadfast in his pursuit of justice for what he believes was an illegal sale of his family's business. The court cases and his assertions have brought attention to the company's past prominence in the Caribbean's plastics industry and the complex circumstances surrounding its sale and change of ownership.
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The former managing director, Jean-Marie Desulme, is suing to stop the factory sale
The former managing director of Thermo-Plastics Jamaica Limited, Jean-Marie Desulme, is suing to stop the sale of the company's former factory in Twickenham Park, St Catherine. Desulme, who is the son of the company's founder, Thomas Desulme, argues that the sale of the factory is illegal as there is a pending case before the Supreme Court that involves the asset. He also disputes the size of the debt that led to the company being placed in receivership in 1998 and claims that the agreed price for the factory is far below its value.
Thermo-Plastics Jamaica Limited and its subsidiary, Plas-Pak, were placed in receivership in 1998 by the National Commercial Bank, to which the company was said to be indebted to the tune of J$600 million. Finsac subsequently acquired the non-performing debt of NCB, which was bailed out during a financial meltdown. In addition to the factory, which was sold for J$9 million, additional assets were sold to the NIBJ and other parties. Desulme argues that this sale was essentially an agreement between directors of different government agencies and not an 'arm's length' disposal. He also notes that the square footage and acreage of the property have been advertised incorrectly, which has led to an outsized profit for Omni Industries, which purchased 20,000 square feet of the property for US$500,000.
Desulme has also made allegations of bad management and political interference in the loss of his family's business. He claims that the company had millions of dollars in outstanding receivables and that its failure was due to politics, which was corroborated by Dr Omar Davies' testimony before the enquiry in 2009 that NCB was "too big to fail". In addition to the court case with Finsac and the NIBJ, Desulme is also involved in suits against the National Commercial Bank, PricewaterhouseCoopers, and former receiver Richard Downer.
The DBJ, which came into possession of the factory asset when NIBJ was merged with the bank in 2006-2007, has declined to comment on the pending sale. The factory is currently held by a company called TPL Limited, in which NIBJ holds a controlling interest.
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Desulme claims the sale was not publicly tendered and the price was too low
In 2012, Jean-Marie Desulme, the former managing director of Thermo-Plastics Jamaica Limited and its subsidiary, Plas-Pak, disputed the sale of the company's factory. Desulme claimed that the sale was illegal, alleging that it was not publicly tendered and that the agreed-upon price was far below the actual value of the property.
According to Desulme, the factory was sold for J$9 million, despite the value being approximately J$80 million based on a rate of J$2,000 per square foot. He argued that the square footage and acreage of the property had been understated, with the actual size being 40,000 square feet and 2.5 acres, respectively. Furthermore, he noted that the remaining 20,000 square feet of property owned by Thermo-Plastics was sold to Omni Industries for US$500,000.
Omni Industries Ltd., a thermoplastic manufacturer based in Spanish Town, Jamaica, operates from over 30,000 square meters of factory and warehouse space. They specialize in PVC pipe and fittings, industrial packaging, garden hose, and plastic houseware products.
Desulme's claims regarding the sale of the Thermo-Plastics factory are part of a larger legal battle. He is involved in court cases with Fincsac and the NIBJ, which controls the company that owns the factory, TPL Limited. Additionally, Desulme has filed suits against the National Commercial Bank, PricewaterhouseCoopers, and former receiver Richard Downer.
The dispute over the sale of the Thermo-Plastics factory highlights the complexities and disagreements surrounding the valuation and sale of industrial properties. Desulme's assertions of an illegal sale and the subsequent court cases underscore the need for transparency and fairness in such transactions, particularly when they involve prominent businesses and substantial financial values.
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TPL Limited holds the factory, with NIBJ controlling interest in the company
In 2012, the Thermo-Plastics factory in Jamaica was at the centre of a legal dispute. Jean-Marie Desulme, the former managing director of Thermo-Plastics Jamaica Limited, claimed that the sale of the factory was illegal. Desulme argued that the sale price of J$9 million was far below the market value, and that the size of the property had been advertised incorrectly. He also stated that the remaining 20,000 square feet of property owned by Thermo-Plastics had been sold to Omni Industries for US$500,000.
At the time of the dispute, the factory was held by a company called TPL Limited, and the National Investment Bank of Jamaica (NIBJ) controlled the interest in the company that owned the property. Despite Desulme's legal challenges, it is unclear what the outcome of the case was and who currently owns the Thermo-Plastics factory in Jamaica.
TPL Limited, a company that held the Thermo-Plastics factory, found itself in a contentious situation in 2012 due to a disputed sale. The NIBJ's involvement and controlling interest in the company that owned the factory were key aspects of the legal battle. This situation arose from a disagreement between Jean-Marie Desulme, the former managing director of Thermo-Plastics Jamaica Limited, and the NIBJ, among other entities.
Desulme vehemently contested the legitimacy of the sale, arguing that it was conducted without a public tender and that the agreed-upon price was significantly below the actual value of the property. He alleged that the size of the property had been misrepresented, with incorrect figures advertised for both the square footage and acreage.
Amidst the dispute, it was revealed that a portion of Thermo-Plastics' property, amounting to 20,000 square feet, had already been sold to Omni Industries for a sum of US$500,000. This added a layer of complexity to the legal battle surrounding the ownership and sale of the Thermo-Plastics factory.
While TPL Limited held the factory, the NIBJ's controlling interest positioned them as a pivotal player in the dispute. The outcome of the court case and the current ownership status of the Thermo-Plastics factory remain unclear from the available information.
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Frequently asked questions
It is unclear who currently owns Thermo Plastics in Jamaica. The factory is held by a company called TPL Limited, and NIBJ holds a controlling interest in the company that owns the property. The former managing director, Jean-Marie Desulme, was involved in a court case regarding the sale of the factory, claiming that it was illegal.
Jean-Marie Desulme, the former managing director of Thermo-Plastics Jamaica Limited, disputed the sale of the factory, claiming that it was sold for far below its actual value and that the square footage and acreage were incorrectly advertised. He also noted that the remainder of the property owned by Thermo-Plastics was sold to Omni Industries for US$500,000.
As of 2012, when the dispute over the ownership of Thermo Plastics arose, the company was facing financial difficulties and was involved in several court cases with various entities. The former managing director, Jean-Marie Desulme, was suing the NIBJ and Finsac over the sale of the factory and also had suits against the National Commercial Bank and PricewaterhouseCoopers.
Thermo-Plastics Jamaica Limited was once the largest plastics manufacturer in the Caribbean. It was founded by the father of Jean-Marie Desulme, the former managing director. The company specialized in extrusion and had an extensive list of product lines, including garden hoses and plastic houseware products.
