Wednesday, January 24, 2018

Secret NCB lock-up agreement*


A PUGNACIOUS minority shareholder activist, a famously litigious local contractor and a respected retired stockbroker are threatening to turn Jamaican billionaire, Michael Lee-Chin's $2.2 billion dream of building a pan-Caribbean financial services giant–uniting the banking strength of his NCB Financial Group (NCBFG) with the insurance might of the widely held Westmoorings-based insurer Guardian Holdings–into a nightmare, following last Friday's disclosure by Lee-Chin of a secret lock-up agreement.

The secret agreement, whose release Peter Permell, Emile Elias, Winston Padmore and one other shareholder, pressed the local Securities and Exchange Commission for, reveals that Guardian Holdings chairman, Arthur Lok Jack, the car importing Ahamad family and an affiliate of the World Bank, stand to receive a total of US$344 million ($2.2 billion) for selling 51.82 per cent of the insurer to the Jamaican bank in two tranches.


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