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<TABLE cellSpacing=0 cellPadding=1 width="100%" border=0><TBODY><TR><TD><SPAN class=TopStory>Lee-Chin knocks critics for six</SPAN>
<SPAN class=Subheadline></SPAN></TD></TR><TR><TD>Dennise Williams
Friday, March 23, 2007
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</TD></TR><TR><TD><SPAN class=Description>Lee-Chin</SPAN></TD></TR></TBODY></TABLE><P class=StoryText align=justify>Michael Lee-Chin hit back at his detractors in Jamaica and Trinidad who claim that the euphoria over his Caribbean acquisitions has faded. "Look at the facts: when we bought the National Commercial Bank Jamaica (NCBJ), the company booked profits of US$6 million in September 2001 today the NCB group makes profits of US$86 million. That creates a lot of envy breeding attitude."<P class=StoryText align=justify>Speaking at the unveiling of Advantage General Insurance (Advantage General) on Wednesday, Lee-Chin spoke about the recent negative publicity that he has faced from the media in Trinidad. During February and March, the Trinidad Express published a series of investigative reports alleging huge losses for the Trinidad based AIC Financial Group (AIGFG) and repeated violations of regulations at the Jamaican Central Bank.<P class=StoryText align=justify>Lee-Chin said, "In Trinidad there is a negatively earnest journalist who was fed confidential information. I saw a letter from the central bank of Jamaica being published in the Trinidad Express. I am disgusted, agape and appalled at this."<P class=StoryText align=justify>The media reports also alleged that Lee-Chin up streamed C$17 million worth of dividends from Jamaica to help boost the profits of his Canadian mutual fund firm AIC. Lee-Chin told the audience at Advantage General, "That is categorically wrong! We gifted US$17 million worth of NCB shares to prop up AICFG. We have used shares, not dividends".<P class=StoryText align=justify>Lee-Chin explained, "There is an attempt to tear down what was built. The success we have had has bred envy and bad mindedness from both the outside and within the NCB Group. The way we turned around NCB, any reasonable person would say these people should be applauded."<P class=StoryText align=justify>However, at least one audience member stated that, "Your success was guaranteed because the Minister of Finance gave you a set of assets on a platter at a very cheap price.
Taxpayers are still paying for it". Lee-Chin quickly responded, "NCB was available to everybody. Nobody had confidence in Jamaica. But I was born in Jamaica. I am not going anywhere." Another audience member quipped, "When the assets of NCB and other financial institutions got into trouble in the late 1990s, the assets went to the highest bidder. The market value was the price that the government received."<P class=StoryText align=justify>Hinting that he had more acquisitions in mind, Lee-Chin told the audience, "Right now we have in Jamaica assets being on sale at a fraction of the value to other Caribbean islands. In five years, nobody should complain when foreign investors grab them up. It is for us to have the confidence to step up to the plate".
<TABLE cellSpacing=0 cellPadding=5 width="100%" border=0><TBODY><TR><TD vAlign=top width="50%"><TABLE cellSpacing=0 cellPadding=1 width="100%" bgColor=#330099 border=0><TBODY><TR><TD><TABLE height=150 cellSpacing=0 cellPadding=2 width="100%" align=center border=0><TBODY><TR><TD colSpan=2 height=15>Talk Back </TD></TR><TR><TD vAlign=bottom align=middle bgColor=#ffffff colSpan=2 height=135>No comments have been posted</TD></TR><TR><TD vAlign=bottom align=middle bgColor=#ffffff colSpan=2><A href="http://www.jamaicaobserver.com/talkback/talkback.asp?artid=120744">Pos
<SPAN class=Subheadline></SPAN></TD></TR><TR><TD>Dennise Williams
Friday, March 23, 2007
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<TABLE cellSpacing=0 cellPadding=5 width=185 align=left border=0><TBODY><TR><TD>
</TD></TR><TR><TD><SPAN class=Description>Lee-Chin</SPAN></TD></TR></TBODY></TABLE><P class=StoryText align=justify>Michael Lee-Chin hit back at his detractors in Jamaica and Trinidad who claim that the euphoria over his Caribbean acquisitions has faded. "Look at the facts: when we bought the National Commercial Bank Jamaica (NCBJ), the company booked profits of US$6 million in September 2001 today the NCB group makes profits of US$86 million. That creates a lot of envy breeding attitude."<P class=StoryText align=justify>Speaking at the unveiling of Advantage General Insurance (Advantage General) on Wednesday, Lee-Chin spoke about the recent negative publicity that he has faced from the media in Trinidad. During February and March, the Trinidad Express published a series of investigative reports alleging huge losses for the Trinidad based AIC Financial Group (AIGFG) and repeated violations of regulations at the Jamaican Central Bank.<P class=StoryText align=justify>Lee-Chin said, "In Trinidad there is a negatively earnest journalist who was fed confidential information. I saw a letter from the central bank of Jamaica being published in the Trinidad Express. I am disgusted, agape and appalled at this."<P class=StoryText align=justify>The media reports also alleged that Lee-Chin up streamed C$17 million worth of dividends from Jamaica to help boost the profits of his Canadian mutual fund firm AIC. Lee-Chin told the audience at Advantage General, "That is categorically wrong! We gifted US$17 million worth of NCB shares to prop up AICFG. We have used shares, not dividends".<P class=StoryText align=justify>Lee-Chin explained, "There is an attempt to tear down what was built. The success we have had has bred envy and bad mindedness from both the outside and within the NCB Group. The way we turned around NCB, any reasonable person would say these people should be applauded."<P class=StoryText align=justify>However, at least one audience member stated that, "Your success was guaranteed because the Minister of Finance gave you a set of assets on a platter at a very cheap price. Taxpayers are still paying for it". Lee-Chin quickly responded, "NCB was available to everybody. Nobody had confidence in Jamaica. But I was born in Jamaica. I am not going anywhere." Another audience member quipped, "When the assets of NCB and other financial institutions got into trouble in the late 1990s, the assets went to the highest bidder. The market value was the price that the government received."<P class=StoryText align=justify>Hinting that he had more acquisitions in mind, Lee-Chin told the audience, "Right now we have in Jamaica assets being on sale at a fraction of the value to other Caribbean islands. In five years, nobody should complain when foreign investors grab them up. It is for us to have the confidence to step up to the plate".
<TABLE cellSpacing=0 cellPadding=5 width="100%" border=0><TBODY><TR><TD vAlign=top width="50%"><TABLE cellSpacing=0 cellPadding=1 width="100%" bgColor=#330099 border=0><TBODY><TR><TD><TABLE height=150 cellSpacing=0 cellPadding=2 width="100%" align=center border=0><TBODY><TR><TD colSpan=2 height=15>Talk Back </TD></TR><TR><TD vAlign=bottom align=middle bgColor=#ffffff colSpan=2 height=135>No comments have been posted</TD></TR><TR><TD vAlign=bottom align=middle bgColor=#ffffff colSpan=2><A href="http://www.jamaicaobserver.com/talkback/talkback.asp?artid=120744">Pos
</TD></TR><TR><TD><SPAN class=Description></SPAN></TD></TR></TBODY></TABLE><P class=StoryText align=justify>Founder and Chairman of Canadian mutual fund company AIC, Michael Lee-Chin appears on this month's front cover of Forbes' Billionaires Edition coming in at 618 with an estimated net worth of US$1.6 billion. The list is still headed by Microsoft founder, Bill Gates, who at 51 has an estimated net worth of US$56 billion.<P class=StoryText align=justify>At 56, this is the seventh time Lee-Chin has made the prestigious list and the first time he has appeared on the front cover of the billionaires edition. He is the first Jamaican to do so.<P class=StoryText align=justify>Speaking with Caribbean Business Report last night Lee-Chin said: "I am very proud and honoured to have appeared on Forbes' Billionaires Edition's front cover. There are two other blacks on the list namely Oprah Winfrey and Robert Johnson of BET, both from the world of entertainment where blacks traditionally tend to excel. With a career in financial services I have broken the mould and this should be an inspiration to other black people particularly those young people who are pursuing a career in financial services."<P class=StoryText align=justify>A leading member of the Jamaican business community echoed this sentiment. "Many black people look to entertainment and sports as a way out. Mike Lee-Chin is a true inspiration because he has succeeded in the world of business, which is not particularly the purview of Caribbean people. You ask most Caribbean youngsters out there what do they want to be and whom do they regard as successful.
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