Lee Chin’s Portland was never in default on Trini bond

For the last week, speculation and supposition has surrounded the Michael Lee Chin investment vehicle Portland (Barbados) Limited and it purportedly defaulting on a US$23 million bond of which Trinidad’s Republic Bank is the trustee.

A firestorm erupted as a result of an article published by The Guardian newspaper which is headquartered in Trinidad & Tobago’s capital, Port of Spain.

Now comes news from Republic Bank that Portland( Barbados) was never ever in technical default and that the note holders repose the ultimate faith in Portland and Michael Lee Chin.

Republic Bank issued a letter that read :

In fact Republic Bank categorically refutes that Portland (Barbados) was ever in default and did not specify how The Guardian’s reporter could arrive at that conclusion.

Now Lee Chin is considering a massive lawsuit against the Guardian and its reporter for the damage to reputation particularly at a sensitive time when Portland’s associate company NCB Financial Group, is issuing an APO in excess of J$5 billion.

Speaking to Our Today, Michael Lee Chin said, “This is the lowest form of journalism whereby a so-called journalist can use the platform that he is given to besmirch and  desecrate someone’s character without doing their research, their proper research.

“It shows the heights of unprofessionalism, without any thought of consequences.  But in this world, karma is always the rectifier.  So, I expect The  Guardian to do the right thing and to ensure that my reputation is restored to what is was before this immature unprofessional journalism that has no regards for consequences. I will leave him to his own fate.   

“I am also surprised that the principals of Guardian, whom I spoke to and told them that this was absolutely wrong were so weak that they knew it was wrong and still allowed it to have been written under the pretence of journalistic integrity. Journalistic integrity can only be practiced by responsible and mature journalists. That is not what we have here today.”