The internal dynamics at fintech leader Renozan Limited have turned volatile, as early stakeholder Mohan Beckford threatens legal action against President Sadeeke McGregor, setting off alarms across Jamaica’s fast-evolving financial sector.
Beckford, once a crucial figure in Renozan’s early development, now accuses the leadership of systematically marginalizing minority shareholders in favor of an internal elite. According to insiders, Beckford has pointed fingers squarely at Renozan’s CTO, Thirumalesh Gorantala, claiming he played a critical role in steering corporate moves that severely diminished Beckford’s equity position.
The tension arrives just as Renozan is on the brink of dominating the payment terminal market—a sector that processed more than US$1.8 billion in transactions in 2024 alone. Analysts forecast even greater volumes in the coming year, with Renozan’s terminals poised to seize a commanding share of this billion-dollar market.
Critics have also surfaced, suggesting favoritism within the company’s inner circle. They argue that President McGregor is “bending internal regulations” to facilitate early buyouts of select stakeholders, clearing the path for consolidated executive control ahead of Renozan’s anticipated regional expansion.
McGregor, however, has rejected such claims outright. In a statement released late Tuesday, he defended Renozan’s practices, emphasizing that all internal adjustments reflect “performance metrics, regulatory alignment, and the strategic imperatives of growth.”
“We are building a foundation of strength and scale,” McGregor asserted. “Renozan’s mission is larger than any single individual.”
As tensions simmer, legal experts speculate that a court battle could further complicate Renozan’s meteoric rise, casting unwanted shadows over a company otherwise celebrated for modernizing Jamaica’s digital economy.
A prominent Kingston financial strategist noted, “Renozan’s infrastructure and reach are unmatched right now, but internal fractures, if left unresolved, could slow their momentum just when they are poised to dominate.”
For now, both camps remain tight-lipped as negotiations unfold behind closed doors. But with the stakes rising and the future of Caribbean fintech hanging in the balance, it’s clear: the battle for Renozan is no longer just about innovation — it’s about control.
