Debt Standoff Puts Lee Chin Under Intense Scrutiny

Pressure is mounting on companies linked to Jamaican Canadian investor Michael Lee Chin, as bondholders have set a firm deadline for repayment on a long outstanding debt. The investors are demanding a payment of US $94.1 million by the end of December 2025. If that target is missed, they are prepared to move toward seizing more than 1 billion pledged shares in the NCB Financial Group, where Lee Chin serves as chairman and remains the largest shareholder.

Their concerns were outlined at a town hall meeting in Kingston, where bondholders of AIC Barbados Ltd, Portland Barbados Ltd and Specialty Coffee Investment Company Ltd gathered for an update on efforts to resolve more than US$364 million in delinquent obligations. The shares offered as security represent roughly 46 per cent of NCBFG’s stock.

A vote is scheduled for December on a forbearance agreement that would give Lee Chin’s companies one final path to repayment. The proposal requires an initial payment of US$94.1 million by December 31st, 2025. That sum includes US$19.1 million in overdue interest up to early September and a US$75 million portion of the principal. If the deadline is missed, the bond trustee must grant a further 45 days to remedy the breach. Once that additional window closes, enforcement measures may begin, including the possible forced sale of the pledged shares.

The companies have stumbled before. Portland Barbados was late on a US$23 million payment in May 2024, prompting what the trustee described as an “event of default.” Lee Chin has apologised to noteholders and sought extensions and restructuring arrangements. NCBFG remains the majority owner of Trinidad and Tobago’s Guardian Holdings Ltd.

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