Durrant Pate/Contributor

It is being reported in Trinidad and Tobago that a company connected to Jamaican/Canadian billionaire, Michael Lee-Chin has sold 6.4 million shares in his NCB Financial Group (NCBFG) to help pay off a debt to noteholders of his Portland Barbados Limited company.

The shares were reportedly sold on September 5 on the Jamaica Stock Exchange, where NCBFG shares are traded. According to media reports the block of NCBFG shares was sold at J$51 per share, raising J$326.4 million in the process. 

This sum is equivalent to US$2.06 million at the USD to JMD exchange rate last week Thursday. Lee-Chin through Portland Barbados made a US$2 million payment to noteholders on Friday, September 6, 2024, in a revised payment arrangement.

Prior to this, the NCBFG chairman made a payment of US$2 million on August 30 and this latest one on September 6. He was due to make another US$2 million payment on Friday, September 13 and a final payment of US$2 million, plus accrued interest due by Friday, September 21.

Our Today understands that Lee Chin is making every effort to honour all obligations to noteholders.