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What going on with Michael Lee-Chin??

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link VIX Joined: Feb 7, 2003
Posts: 16062 5/24/23, 9:17:19 PM 
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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.

link Brerzerk Joined: Mar 16, 2021
Posts: 7678 5/24/23, 10:48:01 PM 
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

link Chrissy Joined: Nov 14, 2002
Posts: 184540 5/24/23, 11:14:22 PM 
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In reply to VIX
Will tell yuh on Friday

link VIX Joined: Feb 7, 2003
Posts: 16062 5/24/23, 11:16:21 PM 
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In reply to Chrissy

oh oh.

That sound ominous!

link camos Joined: May 6, 2003
Posts: 55482 5/24/23, 11:50:32 PM 
Could be he is highly leveraged and increasing interest rates are having a negative effect on cash flow.

link VIX Joined: Feb 7, 2003
Posts: 16062 5/24/23, 11:58:59 PM 
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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.

link Headley Joined: Dec 2, 2007
Posts: 11187 5/25/23, 12:35:57 AM 
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.

link carl0002 Joined: Apr 16, 2003
Posts: 25380 5/25/23, 12:49:47 AM 
Him trying to pay back Bolt money
big grin big grin big grin

link Chrissy Joined: Nov 14, 2002
Posts: 184540 5/25/23, 1:40:24 PM 
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In reply to VIX
Heck yuh PM

link VIX Joined: Feb 7, 2003
Posts: 16062 5/25/23, 2:01:08 PM 
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In reply to Chrissy

orr ok.

we'll see how that goes!

link nitro Joined: Apr 10, 2003
Posts: 16690 5/25/23, 2:17:57 PM 
In reply to carl0002

Bolt's money was not invested with Lee Chin's business. That is not a joke.

link camos Joined: May 6, 2003
Posts: 55482 5/25/23, 2:24:08 PM 
In reply to nitro

There has been a number of cases at NCB, not sure if it amounts to the Bolt total.

link nitro Joined: Apr 10, 2003
Posts: 16690 5/25/23, 2:42:34 PM 
In reply to camos

As well as Sagicor and others that do not publicise them.

link camos Joined: May 6, 2003
Posts: 55482 5/25/23, 2:46:38 PM 
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.

link doosra Joined: May 26, 2004
Posts: 89587 5/25/23, 3:03:02 PM 
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In reply to VIX

murica prawblems? big grin

link VIX Joined: Feb 7, 2003
Posts: 16062 5/25/23, 3:27:34 PM 
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In reply to doosra

Caribbean problems! Not pointless misfit foolishness.

link rudebway Joined: Jul 29, 2009
Posts: 4321 5/25/23, 5:21:36 PM 
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

link Chrissy Joined: Nov 14, 2002
Posts: 184540 5/26/23, 12:34:41 PM 
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Hmmmmm!

Word is that he’s heading to Canada for matters health but that sure isn’t what he’s saying.

link Chrissy Joined: Nov 14, 2002
Posts: 184540 5/26/23, 12:49:00 PM 
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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.

link Curtis Joined: Dec 4, 2002
Posts: 14970 5/26/23, 12:53:11 PM 
He's purchasing CWI.

link VIX Joined: Feb 7, 2003
Posts: 16062 5/26/23, 1:51:15 PM 
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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.

link Wally-1 Joined: Jan 8, 2003
Posts: 34063 5/26/23, 1:57:01 PM 
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In reply to VIX
Great success story, hope his health condition is not life threatening.

link VIX Joined: Feb 7, 2003
Posts: 16062 5/26/23, 2:01:13 PM 
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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.

link Emir Joined: Aug 9, 2014
Posts: 16512 5/27/23, 2:03:31 PM 
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.

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