CaribbeanCricket.com - What going on with Michael Lee-Chin??

nitro 5/27/23, 4:41:21 PM

debut: 4/10/03
17,080 runs

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.

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“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.

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VIX 5/27/23, 5:53:41 PM

debut: 2/7/03
16,604 runs

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.

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VIX 6/30/23, 5:41:30 PM

debut: 2/7/03
16,604 runs

Lee Chin explains it all, sort of:
Leaving a lot of unanswered questions.

camos 7/1/23, 7:47:37 PM

debut: 5/6/03
56,753 runs

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 7/2/23, 12:17:01 AM

debut: 2/7/03
16,604 runs

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 7/2/23, 12:22:34 AM

debut: 5/6/03
56,753 runs

In reply to VIX
confidence is a critical factor in banking, transparency is very important, you don't want rumors to start lines.

VIX 7/18/23, 8:58:25 PM

debut: 2/7/03
16,604 runs

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??

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camos 7/19/23, 1:49:10 AM

debut: 5/6/03
56,753 runs

In reply to VIX

more cloud!

Chrissy 7/19/23, 2:16:40 AM

debut: 11/14/02
189,859 runs

In reply to VIX
Trying to find out what’s really going on

VIX 7/19/23, 2:40:05 AM

debut: 2/7/03
16,604 runs

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.

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Brerzerk 7/19/23, 3:57:46 AM

debut: 3/16/21
9,189 runs

In reply to VIX

shock

VIX 7/20/23, 5:55:51 PM

debut: 2/7/03
16,604 runs

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 7/20/23, 8:54:50 PM

debut: 11/14/02
189,859 runs

In reply to VIX
Word is that it is about dividends but I’m looking for details

VIX 7/25/23, 8:23:29 PM

debut: 2/7/03
16,604 runs

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 big grin

camos 7/25/23, 9:49:21 PM

debut: 5/6/03
56,753 runs

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 7/25/23, 10:01:20 PM

debut: 2/7/03
16,604 runs

In reply to camos

lulz yeah, but you can bend your rules a little in the caribbean exchanges lol

Dividend is king in the local markets.

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VIX 9/14/23, 2:37:28 PM

debut: 2/7/03
16,604 runs

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’?”

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sgtdjones 9/14/23, 3:18:32 PM

debut: 2/16/17
33,507 runs

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 9/15/23, 12:45:09 AM

debut: 5/6/03
56,753 runs

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 11/16/23, 5:52:32 PM

debut: 2/7/03
16,604 runs

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.

What going on with Michael Lee-Chin??

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