Message Board Archives
What going on with Michael Lee-Chin??
VIX
2023-05-24 20:17:19
Anyone knows?
NCB Financial Group Limited (NCBFG) advises that the Honourable Michael Lee-Chin, OJ has indicated that he is taking a leave of absence effective immediately from the Boards of NCBFG, National Commercial Bank Jamaica Limited (NCBJ) and Guardian Holdings Limited (GHL) to allow him to focus on certain pressing business and personal matters. He anticipates these taking approximately three months.
prior to this:
-The Jamaica Observer reported on February 15, 2023, that Lee-Chin was selling his 377.6-foot Ahpo superyacht for US$355 million
-Michael Lee-Chin, has put his mansion on Grand Cayman’s Seven-Mile Beach up for sale for an asking price of US$35 million, regional business sources told Sunday Business.
- The sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Ltd, valued at US$50 million;
-Last month, NCB Global Holdings, the Trinidad-based subsidiary of NCBFG, was in the local market looking to raise to US$30 million
-In January, another NCBFG subsidiary, NCB Capital Markets (Barbados) was in the market looking to raise US$25 million
-CVM Television in September 2022 to Verticast Media Group at an undisclosed price.
Brerzerk
2023-05-24 21:48:01
In reply to VIX
Expanded to widely, too swiftly? Certain investments/expansion that seem well studied and measured can in fact be 'hasty'
I dunno enough 'bout dem things though
Chrissy
2023-05-24 22:14:22
In reply to VIX
Will tell yuh on Friday
VIX
2023-05-24 22:16:21
In reply to Chrissy
oh oh.
That sound ominous!
camos
2023-05-24 22:50:32
Could be he is highly leveraged and increasing interest rates are having a negative effect on cash flow.
VIX
2023-05-24 22:58:59
In reply to camos
I didn't want to say it. Pressure if that's the case!
He owns two of the largest financial institutions in the Caribbean!
NCB jamaica, and Guardian Insurance, Trinidad. Along with others.
Headley
2023-05-24 23:35:57
In reply to VIX
I cannot explain the sales of assets. It suggests a significant new investment.
I hear he has a problem which is not related to finances.
Headley
2023-05-24 23:40:53
carl0002
2023-05-24 23:49:47
Chrissy
2023-05-25 12:40:24
In reply to VIX
Heck yuh PM
VIX
2023-05-25 13:01:08
In reply to Chrissy
orr ok.
we'll see how that goes!
nitro
2023-05-25 13:17:57
In reply to carl0002
Bolt's money was not invested with Lee Chin's business. That is not a joke.
camos
2023-05-25 13:24:08
In reply to nitro
There has been a number of cases at NCB, not sure if it amounts to the Bolt total.
nitro
2023-05-25 13:42:34
In reply to camos
As well as Sagicor and others that do not publicise them.
camos
2023-05-25 13:46:38
In reply to nitro
true!
I just remember my friend in Atlanta told me he and about 4 family members got burnt in a Lee Chin led investment project about two years ago.
doosra
2023-05-25 14:03:02
In reply to VIX
murica prawblems? 
VIX
2023-05-25 14:27:34
In reply to doosra
Caribbean problems! Not pointless misfit foolishness.
rudebway
2023-05-25 16:21:36
In reply to nitro
i think JMMB had issues too. SSL didnt have a choice. seems they tried not to publicize it. But Bolt went public. He publicized it
Chrissy
2023-05-26 11:34:41
Hmmmmm!
Word is that he’s heading to Canada for matters health but that sure isn’t what he’s saying.
Chrissy
2023-05-26 11:49:00
From the bank
I understand that the recent announcement that our Board Chairman has decided take a temporary leave of absence may have caused some concerns and questions. I want to address these directly and reassure you that your confidence in us remains our utmost priority.
The Honourable Michael Lee-Chin, OJ, has communicated that the decision to take this leave of absence will allow him to focus on certain personal and business matters, which he anticipates will take approximately three months. He has stated publicly that his decision does not arise from any health issues and that he is in good health. He has also shared some information regarding the business matters, speaking to the need for him to give more attention to his business in Canada as well as to ventures in precision oncology and clean energy.
In the interim, the seasoned and respected Professor the Honourable Alvin Wint, OJ, CD, has been appointed to chair the Board of NCB Financial Group Limited. Our robust corporate governance framework assures the seamless continuity of our leadership and operations, and we are confident in our ability to deliver the superior service you expect.
In addition to the strength of our Board of Directors, our executive team responsible for strategic direction and execution remains strong. As President and Group Chief Executive Officer (CEO), with a financial services career spanning over 35 years, I have successfully guided and managed the NCB Group for nearly two decades. All our major subsidiaries have well qualified leaders. Our experienced and diverse executive team remains fully committed to delivering on our strategic initiatives for the benefit of our customers, employees, shareholders, and other key stakeholders.
Our operations remain robust and uninterrupted, and our unwavering commitment to you, our valued customer, remains strong. We continue to meet all regulatory capital requirements across the region and maintain the confidence of international creditors and ratings agencies.
Curtis
2023-05-26 11:53:11
VIX
2023-05-26 12:51:15
whatever it is. The release was poorly handled. It sows seeds of uncertainty. esp. with the shaky confidence in banking worldwide.
As it is now, NCBFG is trading at multi-year lows on the TT stock exchange.
Wally-1
2023-05-26 12:57:01
In reply to VIX
Great success story, hope his health condition is not life threatening.
VIX
2023-05-26 13:01:13
In reply to Wally-1
yes indeed, all Caribbean people should be justifiably proud of his success.
Let's hope it really not a medical issue.
Emir
2023-05-27 13:03:31
In reply to VIX
yes indeed, all Caribbean people should be justifiably proud of his success.
This is so typical of small mind- small country- look, be proud of anybody's success, especially the small man, like the teacher, the farmer, the seamstress etc.
I was hoping you, would have been more concern about the customers of these enterprises- of these companies fail , what impact would it have on these folks and on the national economy. What has he done to repay Trinidad and the region who gave him success- Was FOREX drained so he acquired foreign properties, will the sales of these properties return FOREX to Trinidad?
It is also instructive, you wish to be proud of his success, but then you criticize things American- did you not know he used American tactics to grow his business holdings- in fact, it is not good- this unfettered capitalism.
nitro
2023-05-27 15:41:21
In reply to Emir
Lee Chin bought a failed Jamaican bank, termed the ugly monkey by potential investors when the Jamaican government offered it to them. Unfettered capitalism my ass. That sort of mindset is holding back poor people.
Link Text
“One told me that if he owned shares in a bank that bought the Government's shares in NCB, he would immediately sell his shares in that bank because he would view that bank's management as incompetent. Another told me he would not sully the reputation of his organisation by being associated with the sale of the shares in NCB,” Hylton said.
“One CEO told me that what I was trying to sell was not a bank; he said it was an ugly monkey”, Hylton said.
The man is not Jesus Christ but his institutions provide opportunities for persons to grow financially while rightfully making a profit.
VIX
2023-05-27 16:53:41
In reply to Emir
Only a narrow-minded simpleton could think that celebrating someone or something automatically excludes all others from appreciation.
My angle here with your great merika lies only with the condescending Caribbean cacaholes who believe themselves to be superior to the West Indians who chose to not migrate.
I personally continue to benefit from American capitalism, as anyone with a rudimentary grasp of the world’s economy should do as well.
Using American tactics to grow a business is not a criticism. In a globalized world, entrepreneurs learn from successful practices and adapt them to their needs. As a salaryman, you may not be aware of these simple concepts. Just as religious freaks who pick and choose which parts of their holy books to follow, anti-capitalist ignoramuses shouldn’t cherry-pick which parts of capitalism they approve of.
Lee-Chin is not obligated to repay anything to the countries in which he operates, I would venture that the amount of employment his businesses generate as well as the taxes paid would more than cover whatever he may have taken out. Besides that he’s well known for his support for local communities and charitable organisations.
The major Caribbean businesses in which he has stakes are well-capitalised so there’s little chance of them collapsing.
VIX
2023-06-30 16:41:30
camos
2023-07-01 18:47:37
In reply to VIX
he made some good points but did not clear up suspicions. I like the guy that was doing the questioning, very knowledgeable!
VIX
2023-07-01 23:17:01
In reply to camos
Yes, that's Anthony Wilson a top business journalist in TT.
As you well know, uncertainty in any kind of market will cause investors to flee. Mr. Lee Chin tried his best but clearly there are issues with NCBFG Jamaica that that have a lot of investors very wary. NCBFG is trading at multi-year lows and hasn't paid dividends in ~2 years. Other public Caribbean financial entities continue to pay dividends.
I believe the company is strong and well-capitalized but they gotta prove it to potential investors.
camos
2023-07-01 23:22:34
In reply to VIX
confidence is a critical factor in banking, transparency is very important, you don't want rumors to start lines.
VIX
2023-07-18 19:58:25
And now he fires the top 2 NCB executives....
NCB Financial Group Limited (NCBFG) announces that effective July 18, 2023, the Honourable Patrick Hylton, O.J., C.D. and Mr Dennis Cohen have, by agreement, proceeded unto vacation leave for three weeks. During this period, it is expected that other arrangements will be made for the carrying out of their roles on an interim and then permanent basis. For the immediate future, the Honourable Michael Lee-Chin O.J., Chairman of NCBFG, will carry some executive responsibilities.
NCBFG appreciates the service of Mr Hylton and Mr Cohen to the NCB Financial Group over the past 20 and 19 years, respectively. During the period of their leadership, the Group has grown to attain and maintain record levels of financial performance.
The NCB Financial Group will continue to benefit from its strong overall leadership team, while the financial holding company undergoes the above changes. That leadership team includes Mr Septimus “Bob” Blake, Chief Executive Officer of National Commercial Bank Jamaica Limited (NCBJ) who also oversees NCBJ’s subsidiaries, Mr Ian Chinapoo, Group Chief Executive Officer of Guardian Holdings Limited and Mr Ian Truran, Chief Executive Officer of Clarien Bank Limited.
Any inside info??
camos
2023-07-19 00:49:10
In reply to VIX
more cloud!
Chrissy
2023-07-19 01:16:40
In reply to VIX
Trying to find out what’s really going on
VIX
2023-07-19 01:40:05
In reply to Chrissy
from the outside looking in, it could be that Lee-Chin wanted dividends re-instated, but Hylton and Cohen might have been resisting it, preferring to shore up the balance sheet.... ?
I dunno, i'm just speculating.
Lee-Chin ent get NCB dividends in 2 yrs, he mustbe vex no rass having to sell assets in order to remain liquid.
Brerzerk
2023-07-19 02:57:46
VIX
2023-07-20 16:55:51
The chief executive officer and the chief financial officer of NCB Financial Group Ltd, who both commenced their vacation leave on Tuesday, have issued a joint statement refuting any allegations of wrongdoing, saying that all financial compensation they received from the organisation was duly approved by the board.
Tuesday’s shake-up at NCBFG came amid concerns among the shareholders about the non-payment of dividends since May 2021 and news that two managers had been raking in multi-billion Jamaican dollar compensation packages.
Jamaica Central Back adds its voice:
the BOJ “acknowledges that corporate developments of this nature can give rise to concern among members of the public in Jamaica and overseas. Bank of Jamaica uses this opportunity to give the assurance that the member companies of the NCB Financial Group are profitable, strong, safe, and sound and possess sufficient capital and liquidity, which are above regulatory requirements.”
Chrissy
2023-07-20 19:54:50
In reply to VIX
Word is that it is about dividends but I’m looking for details
VIX
2023-07-25 19:23:29
Well Lee-Chin appointed new interim NCBFG CEO and Vice-CEO.
NCBFG stock on the rise due to dividend expectations.
Of course, I got in the action and bought a few NCBFG shares. We'll see how that goes
camos
2023-07-25 20:49:21
In reply to VIX
you are violating the rule, sell on uncertainty, you only buy when you can buy enough shares to force changes.
VIX
2023-07-25 21:01:20
In reply to camos
lulz yeah, but you can bend your rules a little in the caribbean exchanges 
Dividend is king in the local markets.
VIX
2023-09-14 13:37:28
In reply to Chrissy
Given the years of no dividends and a stock price decline of two-thirds during this time; why is Lee Chin deciding to take the risk of a potentially unsuccessful APO now?
For what purpose? Is it to reduce the ownership of existing shareholders? Is it an attempt to generate funds for paying dividends? So, is the APO intended as a means to fund dividends? What the heck!
I really hope it's to finance growth. Anything else could send a worrying signal!
What drama in Lee Chin's NCBFG universe.
Monday’s announcement by NCB Financial Group (NCBFG), Jamaica’s publicly listed financial services behemoth, that it was giving consideration to launching an Additional Public Offering (APO) of up to 300 million new shares in the company, initially came as a shock to this business journalist
I sent the following message to the executive chairman of NCBFG, who is also the majority shareholder of the company:
“Good afternoon Mr Lee-Chin,
I am trying to wrap my mind around a company, whose share price has declined by more than a third, offering 300 million new shares, which would have the impact of diluting all existing shareholders, especially the majority shareholder…yourself.
Is the purpose of the APO to raise money to pay the dividend ‘by the end of the year’?”
sgtdjones
2023-09-14 14:18:32
In reply to camos
I just remember my friend in Atlanta told me he and about 4 family members got burnt in a Lee Chin led investment project about two years ago.
Stories about this person's 1980s business enterprises abound in Canada; tiny investors suffered as he rode around Burlington, Ontario, in Rolls-Royces, Lamborghinis, Porsches, etc.One investment in a chicken farm he sold out leaving the rest holding the coop.
camos
2023-09-14 23:45:09
In reply to VIX
Given the years of no dividends and a stock price decline of two-thirds during this time; why is Lee Chin deciding to take the risk of a potentially unsuccessful APO now?
For what purpose? Is it to reduce the ownership of existing shareholders? Is it an attempt to generate funds for paying dividends? So, is the APO intended as a means to fund dividends? What the heck!
I really hope it's to finance growth. Anything else could send a worrying signal!
All signs pointing to problems, liquidity or capital deficiency.
VIX
2023-11-16 17:52:32
NCB Financial Group Limited (NCBFG) and its former executives, Patrick Hylton and Dennis Cohen, have reached a separation agreement, the cost of which, the company says, will have a "material impact" on its performance, particularly for the September quarter.
NCB saw several other executive departures following the exit of Hylton and Cohen, including the resignation of Septimus ‘Bob’ Blake, who headed the commercial bank; Steven Gooden, who led NCB Capital Markets as well as Vernon James, who managed TFOB, the operators of digital wallet Lynk.
Meanwhile the first dividend from NCB in years will be confirmed tomorrow.
