Lee Chin affiliated entity makes bondholder payment
Published:Sunday | January 25, 2026 | 12:10 AM
AIC (Barbados) Ltd has paid US$94 million to bondholders, according to the Jamaica Central Securities Depository (JCSD) Trustee Services.
Payment was made “in full” responded Andrea Kelly, JCSD general manager, in reply to Financial Gleaner queries.
She added: “The funds were received on behalf of the bondholders. The trustee will make the payments accordingly”.
Michael Lee Chin, AIC director, when asked about the payment Thursday, alluded to the deadline: “Monday is just around the corner.” He declined to comment further.
The payment would have combined US$19.09 million in overdue interest and a US$75 million principal installment, both originally due December 31, according to a previous letter from AIC to JCSD Trustee Services reviewed by the newspaper. The letter did not disclose the funding source – whether asset sales, new debt, or shares in NCB Financial Group, which Lee Chin pledged as collateral for some bonds.
Sagicor Group Jamaica, which holds notes on behalf of clients, offered no specifics on Friday.
“At this time, the JCSD is the only entity which can confirm if payment has been received,” Sagicor said.
A retail investor in Specialty Coffee bonds said he was awaiting payment Monday.
Bondholders hold 14 notes tied to AIC (Barbados), Portland Barbados Ltd, and Specialty Coffee Investments Co, entities controlled by Lee Chin. The debt matures in phases through January 2027. Lee Chin is chairman or majority owner of the entities.
The deadline followed a December ultimatum from bondholders demanding payment of roughly one third of US$300 million in total obligations. Investors warned that failure to pay would trigger enforcement rights, including potential sale of Lee Chin’s NCB Financial stake.
AIC (Barbados) has reduced its NCB Financial holdings by nearly 32 million shares over 12 months to September 2025, dropping to 46.24 per cent from 47.49 per cent a year earlier. Lee Chin controls another 1.76 per cent through AIC Global Holdings Inc, bringing combined ownership to 48 per cent.
The stake has declined steadily from 53 per cent in 2019 as Lee Chin navigated debt obligations amid tightening financial conditions.
The period after the 2008 US financial crisis through the COVID 19 pandemic was marked by near-zero interest rates. The pandemic’s aftermath triggered rising rates globally, cutting portfolio valuations for some wealthy individuals. Central banks raised rates to curb inflation, making traditional fixed-income investments more attractive than riskier capital market assets. The shift has presumably pressured investors like Lee Chin, who built wealth through leveraged bets on equities and operating companies.
Earlier this month, bondholders cited the need to restore confidence in the instruments and protect their rights after months of uncertainty around Portland related debt.