Hugh Croskery, chairman and principal shareholder of Stocks and Securities Limited, says court orders freezing assets allegedly linked to Paul Chen-Young, do not include his personal nor company assets.

Jamaica's Supreme Court and a court in Florida had ordered the freezing of assets linked to Phoenix Noteholders Trust, of which Croskery is the trustee.

In a statement Friday, following a story in the Financial Gleaner, Croskery said the order to freeze assets referred to the holdings of Phoenix Noteholders Trust, of which he is trustee.

"Neither Dr. Paul Chen-Youngnor any member of his family was a beneficiary under that trust as was suggested in the article," he said.

"It should also be noted that this was not a secret nor family trust as implied in the article, but a business trust established for the benefit of third parties."

Croskery also reiterated a comment by his lawyers, Patterson Mair Hamilton, that he would cooperate fully with the courts, and that all his dealings with the Phoenix trust were "entirely principled and above board and had nothing to do with frustrating the Mareva Injunction" against Chen-Young.