Today was the day NCB Chairman Michael Lee Chin was supposed to come good with bondholders, throwing down US$ 94 million on the table.

Jamaica’s financial community was carefully watching, and speculation was rife. Would Lee Chin deliver, or would he be caught with his pants around his ankles? 

Michael Lee-Chin today confirmed that he is undertaking a structured and time-bound review of repayment options in relation to AIC’s outstanding bond obligations, in accordance with the agreement reached with bondholders.

An issued press release by AIC read: “Under the terms of that agreement, AlC has activated the 45-day period commencing December 31, 2025, to address the amount currently due, totalling US$94 million in principal and interest. This framework provides an orderly process for finalising repayment arrangements while maintaining constructive engagement with noteholders.

“Mr Lee-Chin is actively evaluating several options, including a full repayment of the bonds, settlement of the amount currently due within the 45-day period, and the potential sale of his shareholding in NCB Financial Group. He is working closely with his advisors and relevant stakeholders to determine the most appropriate and sustainable course of action.”

Lee-Chin said: “This process is focused on identifying a responsible solution that best serves all stakeholders. I appreciate the constructive dialogue with bondholders and remain fully committed to meeting these obligations in an orderly and transparent manner.”

A decision on the preferred course of action is expected within the next two weeks, well ahead of the conclusion of the agreed period. Lee-Chin expressed confidence that the steps being taken will lead to a positive resolution and reaffirmed his commitment to honouring AIC’s obligations.

Further updates will be provided as appropriate.

What does this all mean? What does Chris Zacca make of this declaration? Will he show patience?

It is believed that Lee-Chin owes bondholders approximately US$400 million.

It would be a blow to the Jamaican financial sector if someone of Lee-Chin’s stature had to sell his shareholding in NCB.

Coming on the back of the SSL imbroglio and the withdrawn Dequity IPO, this latest news spells a bad time for the Jamaican financial sector, with the multi-lateral agencies long complaining that it is too interconnected.