lee chin jamaica yacht

Michael Lee-Chin’s $300 million superyacht is a floating five star resort. One of the first black billionaires on the Forbes list, he once cleaned engine rooms on a cruise ship and now his 378 feet yacht has an IMAX cinema, a duplex owner’s suite, and two helipads.

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Jamaican Billionaire Michael Lee-Chin New AHPO Superyacht Docks In Portland

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The billion-dollar superyacht was spotted traveling to Portland, where it docked close to the residence of one of Jamaica’s richest men- Lee-Chin.

Chin, who owns the National Commercial bank and a range of related companies, is often given idol status by Jamaican entertainers like Vybz Kartel , who once sang, “me waan get a billion dollar like Mr. Lee Chin.”

The self-made billionaire is just one of 13 black billionaires in the world, and he’s a big deal in Jamaica because of this.

The luxury yacht is docked in Port Antonio, Portland, and is pretty impressive. A video shows the 377-foot yacht sailing while a helicopter seems to land on a helipad right on the deck of the vessel.

According to recent reports, the superyacht AHPO recently completed sea trials and was finally delivered to Chin this week. With his superyacht docked in Jamaican waters, it presented new inspiration for Jamaican people as the business magnate is one of the first black billionaires listed by Forbes’ in 2001 and often referred to as the wealthiest Jamaican.

Michael Lee-Chin’s fortune is mostly his 60% stake in National Commercial Bank Jamaica. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica.

Like every other billionaire, the tycoon has been described as a “yacht connoisseur.” The AHPO was built by the German Lurssen shipyard and was designed by the famous Nuvolari Lenard studio.

The vessel comes with six decks, including a gym and a beauty salon, as well as a spa, swimming pool, and jacuzzi.

The 70-year-old billionaire who is private about his life also seems keen to entertain as the luxury vessel has a dancefloor with a piano and comes equipped with a movie theater.

There are seven luxurious suites on board for guests to get a good night’s sleep. Other functionalities include Wi-Fi connectivity and a premium underwater lighting system.

The shipyard says the yacht has eco-friendly features, including a Dynamic Positioning capability that helps “preserve delicate marine environments” and a heat recovery system for heating the swimming pool.

Meanwhile, Jamaicans took to Twitter to comment on the news of the yacht in Jamaica.

“Lee Chin yacht a motivate me,” one person tweeted.

“For perspective, the largest private yacht in Jamaica is 92+ft. Lee Chin’s vessel is 377 ft! That’s longer than an NFL football field or a soccer field.”

The billionaire previously owned the ‘Quattroelle’ valued at $250 million prior to owning the AHPO. According to the Jamaica Observer, that vessel was 283 ft long and was one of the most impressive yachts at the annual Monaco Yacht Show.

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Jamaican Billionaire Michael Lee-Chin New APHO Superyacht Docks In Portland

The billion-dollar superyacht was spotted traveling to Portland, where it docked close to the residence of one of Jamaica’s richest men- Lee-Chin.

Chin, who owns the National Commercial bank and a range of related companies, is often given idol status by Jamaican entertainers like  Vybz Kartel , who once sang, “me waan get a billion dollar like Mr. Lee Chin.”

The self-made billionaire is just one of 13 black billionaires in the world, and he’s a big deal in Jamaica because of this.

The luxury yacht is docked in Port Antonio, Portland, and is pretty impressive. A video shows the 377-foot yacht sailing while a helicopter seems to land on a helipad right on the deck of the vessel.

According to recent reports, the superyacht Apho recently completed sea trials and was finally delivered to Chin this week. With his superyacht docked in Jamaican waters, it presented new inspiration for Jamaican people as the business magnate is one of the first black billionaires listed by Forbes’ in 2001 and often referred to as the wealthiest Jamaican.

Michael Lee-Chin’s fortune is mostly his 60% stake in National Commercial Bank Jamaica. His philanthropic acts include his $30 million donation to the Royal Ontario Museum and many other charitable acts in Jamaica.

Like every other billionaire, the tycoon has been described as a “yacht connoisseur.” The Apho was built by the German Lurssen shipyard and was designed by the famous Nuvolari Lenard studio.

The vessel comes with six decks, including a gym and a beauty salon, as well as a spa, swimming pool, and jacuzzi.

The 70-year-old billionaire who is private about his life also seems keen to entertain as the luxury vessel has a dancefloor with a piano and comes equipped with a movie theater.

There are seven luxurious suites on board for guests to get a good night’s sleep. Other functionalities include Wi-Fi connectivity and a premium underwater lighting system.

The shipyard says the yacht has eco-friendly features, including a Dynamic Positioning capability that helps “preserve delicate marine environments” and a heat recovery system for heating the swimming pool.

Meanwhile, Jamaicans took to Twitter to comment on the news of the yacht in Jamaica.

“Lee Chin yacht a motivate me,” one person tweeted.

“For perspective, the largest private yacht in Jamaica is 92+ft. Lee Chin’s vessel is 377 ft! That’s longer than an NFL football field or a soccer field.”

The billionaire previously owned the ‘Quattroelle’ valued at $250 million prior to owning the Apho. According to the Jamaica Observer, that vessel was 283 ft long and was one of the most impressive yachts at the annual Monaco Yacht Show.

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Lee chin’s ahpo superyacht selling for us$355 million – yardhype.

Jamaican-born billionaire Michael Lee-Chin, who made most of his fortune mainly through investing in companies such as National Commercial Bank Jamaica and AIC Limited, is currently considered one of the wealthiest individuals in Jamaica. The Port Antonio native has been estimated to be worth 1.5 billion dollars currently by the reputable financial magazine Forbes.

The billionaire, who is reputed to have amassed an impressive amount of wealth, is seeking to sell his superyacht for an eye-watering $355 million US. The proposed sale of Lee-Chin’s yacht is part of a series of divestitures that have taken place since the COVID-19 pandemic in 2020. AIC (Barbados) Limited, owned by Lee-Chin, sold CVM Television Limited to Verticast Media Group for an undisclosed price in September 2022.

The sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Limited, managed by Barita Investments Limited, also took place during that period. It was estimated to be worth US$50 million for the 250-acre property.

The German shipbuilder Lürssen built the stunning 377.6-foot-long superyacht, which was handed over in December 2021 to Lee-Chin. Luxurylaunches.com reports that the asset is listed for a premium of US$55 million over its purchase price of US$300 million. The yacht’s size allows it to accommodate up to 16 guests and nearly 40 crew presenters.

There is, however, a connection between Lee-Chin’s asset sales and the lack of cash flow he has experienced from one of the most valuable assets in his portfolio, NCB Financial Group Limited (NCBFG), which has paid only a $0.50 dividend since March 2020.

RELATED: NCB Profits Declined by Almost 70%

The financial institution also experienced a decrease in net profits, a staggering 68% drop in NCB Financial Group Limited’s (NCBFG) net profit attributable to shareholders in the first quarter. Financial advisors have noted that this may be one of the reasons the billionaire is continuing to offload some of his assets.

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• December 14, 2021

Lee-Chin’s new billion-dollar yacht docks in Portland

Brian pitter.

2 years ago

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Photo: @HalsallDoug/Twitter

70-year-old Jamaican Billionaire Michael Lee-Chin has had his new billion-dollar yacht doing the rounds on social media after the 377-foot Apho was seen in the waters on the east coast of the island.

The superyacht is a culmination of a collaboration with world-famous shipyard Lurssen Yachts and with the prestigious Nuvolari Lenard design studio. The masterpiece is equipped with six decks, a beauty salon, gym, swimming pool, and jacuzzi. The luxury yacht also boasts an entertainment section, that comprises a dancefloor, piano, and a movie theatre.

Lee-Chin has been a prominent name in business over the last few decades, not only in Jamaica but in the wider region. His fortune mostly comes from a majority stake in the National Commercial Bank of Jamaica as well as other investments which include his ownership of Portland Holdings, an investment company based in Ontario, Canada. In 2001, Michael Lee-Chin became one of the first black men to be listed on Forbes’ annual billionaires’ list back in 2001.

Unknowing to most, the Jamaica-Canadian tycoon is a fond admirer of yachts and is a repeat client of the German shipyard.

One of the most striking features of his latest project is the underwater lights feature that creates a mesmerizing atmosphere in the evening. The yacht was also built to be eco-friendly, including features like Dynamic Positioning capability that aids to preserve at-risk marine elements.

The yacht will eventually become available for charting early next year.

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‘NCB NOT FOR SALE!’

Lee-chin defends recent transactions; says dividend payments to resume very soon.

Jamaica-born, Canadian billionaire businessman Michael Lee-Chin has dismissed in the strongest terms any suggestion that he is beginning a slow off-loading process of his majority share ownership in the National Commercial Bank (NCB) with a view to...

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Jamaica-born, Canadian billionaire businessman Michael Lee-Chin has dismissed in the strongest terms any suggestion that he is beginning a slow off-loading process of his majority share ownership in the National Commercial Bank (NCB) with a view to selling the bank in the near future.

Lee-Chin, in an interview with The Gleaner yesterday, said the bank remains a patriotic investment for him, a successful business and a reminder to everyone born in poverty like he was, that they can aspire to greatness. He also used the opportunity to reassure shareholders who have not received a dividend on their shares since the pandemic that they will be paid in the very near future.

“I have always lived my life in a very transparent way, and I am not about to stop now,” he said.

“So let me answer your question in the same transparent way. NCB is not for sale, period. I am not selling NCB. I will remain the controlling shareholder of NCB Financial Group. That is what I am telling you.”

Lee-Chin said he owns about 1.5 billion shares in the entity and he sold just over one per cent, which was no different from someone having $100 and using $1 for something.

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According to him, it was not the first time that he has sold shares as he has been buying and selling shares over several years. In 2002, Lee-Chin purchased 76 per cent of NCB shares with a downpayment of US$56 million. The cost of a share at the time was J$4. The full purchase price was US$127 million, equivalent at the time of $6.03 billion. The balance was paid over nine years.

Proud of NCB success

He said that after 21 years, selling the shares at $68 per share was not bad business and disposing of such small numbers has nothing to do with his attitude and love for his ownership of NCB.

“First and foremost, I am a Jamaican and I am proud of the success I have had in my life. And one of the most successful ventures I have had was to buy NCB in 2002 and turn it around to become the most profitable and largest financial institution in Jamaica, and secondly, one of the largest in the Caribbean. It is part of my legacy, and I am not going to give that up, period,” he restated.

NCB Jamaica led the purchase of Guardian Holdings, which gave the group a footprint in 22 countries. Jamaica today represents 50 per cent of NCB’s earnings, with the rest from the Caribbean. Through Guardian Holdings, they have been given a foothold in Holland.

But the businessman has been off-loading high-priced assets, which has fuelled the speculation that he is off-loading assets in anticipation of a global economic downturn with higher interest rates on the horizon. The World Bank said global growth is projected to slow significantly amid high inflation, tight monetary policies, and restrictive credit conditions.

He told The Gleaner that he has significant real estate in the Dominican Republic but that he and that country’s government are involved in litigation. He alleged that the Dom Rep government expropriated his shares in a landfill, which is the fifth largest in the world and for which he has sued. An arbitrator’s ruling is expected in the next month for his claim of US$750 million. As a result, he said he does not feel comfortable there, last visiting in 2017, and is disposing of his assets there.

“I have a house in Cayman Islands, which we bought about eight years ago, and I have never slept in the house. It was bought on the assumption that we would live there, but I have never slept in the house. So if you don’t spend a night in the house that you bought, sell it,” he argued.

The asking price for the house, which he acquired five years ago, is US$35 million. It was purchased for US$12.5 million.

His mega yacht, which was recently sold, went for US$362 million and the businessman said it was the third one he was selling.

An engineer, Lee-Chin said it was nothing more than business.

Lee-Chin also addressed the vexed question of the non-payment of dividends, such as were paid to shareholders until the COVID-19 pandemic struck in 2020 and the Bank of Jamaica (BOJ) said no financial institution should pay dividends. Since the easing of the impact of the pandemic, the BOJ has released institutions to pay dividends to their shareholders.

NCB, however, has only paid dividends once since then. Shareholders are not pleased.

“Financial institutions can pay dividends. But we now have to look at our own financial situation, look at the world and ask where is the business going and what capital will it need. We have a growing business that will need more capital to become digital; where the accounting standards are changing; that is going into a period of higher interest rates in both Jamaica and the USA, which means that the economy is going to slow down,” he explained.

“For all those reasons, we have to make sure that the institution is strong, which it is, and not paying dividends, the capital is kept in the company for eventualities that could happen. So we just have to make sure that the bank remains strong. You have to understand also that when dividends are not paid, the person who suffers the most is the person with the most shares, in terms of the dollar amount. But everyone suffers,” he stated.

Telling The Gleaner that he understands the pain of the pensioner, and every investor, he said his responsibility as chairman of the bank and majority shareholder, he had to make sure the bank remains strong and will outlast him and continue to grow.

“Now, on a go-forward basis, we are very conscious that everyone needs to be paid, especially those whose shares represent their pensionable investment. So we will, and are doing everything right now for them to be paid, and they will be paid,” he said, though without giving a clear timeline.

When pressed, he said: “I can’t tell you when, but it will be in the very soon future. Trust me on that.”

In 2021, the NCB board of directors declared an interim dividend of J$0.50 per ordinary stock shares payable on May 31, 2021. Shereholders have expressed anger at the bank for the non-payment.

“I give my word on that,” he said.

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Lee Chin’s Ahpo Superyacht Selling for US$355 Million

Jamaican-born billionaire Michael Lee-Chin, who made most of his fortune mainly through investing in companies such as National Commercial Bank Jamaica and AIC Limited, is currently considered one of the wealthiest individuals in Jamaica. The Port Antonio native has been estimated to be worth 1.5 billion dollars currently by the reputable financial magazine Forbes.

The billionaire, who is reputed to have amassed an impressive amount of wealth, is seeking to sell his superyacht for an eye-watering $355 million US. The proposed sale of Lee-Chin’s yacht is part of a series of divestitures that have taken place since the COVID-19 pandemic in 2020. AIC (Barbados) Limited, owned by Lee-Chin, sold CVM Television Limited to Verticast Media Group for an undisclosed price in September 2022.

The sale of Reggae Beach, St Mary, to MJR Real Estate Holdings Limited, managed by Barita Investments Limited, also took place during that period. It was estimated to be worth US$50 million for the 250-acre property.

The German shipbuilder Lürssen built the stunning 377.6-foot-long superyacht, which was handed over in December 2021 to Lee-Chin. Luxurylaunches.com reports that the asset is listed for a premium of US$55 million over its purchase price of US$300 million. The yacht’s size allows it to accommodate up to 16 guests and nearly 40 crew members.

There is, however, a connection between Lee-Chin’s asset sales and the lack of cash flow he has experienced from one of the most valuable assets in his portfolio, NCB Financial Group Limited (NCBFG), which has paid only a $0.50 dividend since March 2020.

RELATED: NCB Profits Declined by Almost 70%

The financial institution also experienced a decrease in net profits, a staggering 68% drop in NCB Financial Group Limited’s (NCBFG) net profit attributable to shareholders in the first quarter. Financial advisors have noted that this may be one of the reasons the billionaire is continuing to offload some of his assets.

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Michael Lee-Chin

Article by Lindsay Ruck

Published Online January 11, 2018

Last Edited January 11, 2018

Early Life and Education

Michael Lee-Chin was born 3 January 1951 in Port Antonio, Jamaica. He is the son of Black and Chinese-Jamaican parents Aston Lee and Hyacinth Gloria Chen. When he was seven, Lee-Chin’s mother married Vincent Chen, who had a son from a previous relationship. The couple had seven more children together: six boys and one girl. Lee-Chin’s mother sold Avon products and worked as a bookkeeper, and his stepfather was a clerk in a local supermarket.

Lee-Chin attended Titchfield High School from 1962 to 1969. In 1965, he got his first job as part of a landscaping crew at Frenchman’s Cove Hotel (now known as Frenchman’s Cove Resort). In 1966, he started a job cleaning the engine room on the Jamaica Queen cruise ship. After Lee-Chin graduated from high school, he worked as a lab technician in a Jamaican bauxite aluminum plant.

In 1970, Lee-Chin travelled to Canada to study civil engineering at McMaster University in Hamilton , Ontario . He received a scholarship from the Jamaican government to complete his studies and work for the government upon graduation. Lee-Chin graduated in 1974 with a bachelor’s degree in civil engineering and returned to Jamaica. He worked briefly for the Jamaican government as a civil engineer on the Mandela Highway. Since he could not find work in his field, Lee-Chin returned to Canada.

Business Career

In 1977, Lee-Chin became a financial advisor for Investors Group in Hamilton. He worked there for two years and then moved on to become regional manager of Regal Capital Planners. In 1983, Lee-Chin secured a $500,000 loan from the Continental Bank of Canada to buy stocks from Mackenzie Financial Corporation. After four years, the stock appreciated sevenfold. In 1987, he used the profits to acquire a small mutual fund investment firm called Advantage Investment Counsel (AIC) based in Kitchener , Ontario, for $200,000. The company would go on to grow from $800,000 in holdings in 1983 to more than $15 billion in assets under management in 2001.

Since 1987, Lee-Chin has been president and chairman of Portland Holdings, a private investment company. Portland owns a variety of businesses that operate in sectors such as financial services, telecommunications , waste management, tourism , agriculture and media.

DID YOU KNOW? Michael Lee-Chin modelled his investment strategy on that of billionaire American investor Warren Buffett, CEO of Berkshire Hathaway Inc. Buffett’s buy-and-hold philosophy was heard in AIC’s motto: “Buy, hold and prosper,” and many of Lee-Chin’s companies were also named Berkshire.

Following his acquisition of AIC, Lee-Chin set out to develop the Berkshire group of companies, which is comprised of investment planning, a securities dealership and an insurance services operation. When the company was acquired by  Manulife Financia​l Corporation in 2007, Berkshire’s assets exceeded $12 billion. The company had grown to form a network of about 750 financial advisors in 250 Canadian branches.

In 2002, Portland acquired 75 per cent interest in National Commercial Bank Jamaica Limited (NCB), and Lee-Chin became its executive chairman. Today, NCB is the largest financial institution in Jamaica. In 2005, he co-founded Columbus International Inc. and acquired the Trident Hotel in Jamaica. In October 2006, Lee-Chin resigned as CEO of AIC and was replaced by Jonathan Wellum, AIC’s chief investment officer and fund manager. The company was later acquired by Manulife Financial Corporation.

In 2012, Lee-Chin established a group of wealth management companies under Mandeville Holdings Inc., a subsidiary of Portland. Mandeville includes an investment dealer, a mutual fund and exempt market dealer and life insurance services.

Philanthropy

Lee-Chin and his family have made several sizeable donations. In 2001, he donated $5 million to his alma mater, McMaster University . The funds were used to establish the Michael Lee-Chin & Family Institute for Strategic Business Studies (formerly known as the AIC Institute for Strategic Business Studies) at the DeGroote School of Business. In 2003, Lee-Chin grabbed national headlines when he pledged $30 million to the Royal Ontario Museum ’s Renaissance ROM Campaign. In 2004, he pledged $10 million to the University of Toronto campaign that helped establish the Michael Lee-Chin Family Institute for Corporate Citizenship (formerly known as the AIC Institute for Corporate Citizenship) at the Rotman School of Management.

In 2007, Lee-Chin donated $1 million to the Toronto General & Western Hospital Foundation to support the creation of the Michael Lee-Chin and Family Short Stay Unit. In honour of his mother, Lee-Chin donated almost $4 million to Northern Caribbean University in 2008 to build The Hyacinth Chen School of Nursing, a world-class facility that can accommodate 800 nursing students. In 2014, Lee-Chin donated $10 million to Joseph Brant Hospital in Burlington , Ontario .

Appointments and Boards

In 2010, Lee-Chin joined the board of directors for The Trust for the Americas, a foundation with the Organization of American States that assists with responsible investment and development in Latin America and the Caribbean ( see Foreign Investment ). In 2011, he was appointed chancellor of Wilfrid Laurier University . He remained in that position until 2016. He also joined the Presidential Advisory Council for Economic Growth and Investment in Haiti in 2011.

In 2016, Lee-Chin was appointed chair of the government of Jamaica’s Economic Growth Council.

Personal Life

Lee-Chin married Vera Lee-Chin, a Ukranian Canadian he met at university, in 1974. The couple have three children: Michael Jr., Paul and Adrian. The pair officially separated in 1997 and are now divorced. Lee-Chin has twin daughters, Elizabeth and Maria, with his current partner, Sonya Hamilton.

Canadian Business magazine named Lee-Chin one of the richest people in Canada. He was ranked number 20 (as of 2017), with a net worth of $3.95 billion. Lee-Chin stands by the mantra that businesses must “not only do well but also do good,” which is how he measures his success.

Honours and Awards

• Entrepreneur of the Year in the Services Category, Ernst & Young (1996)
• Honorary Doctor of Laws, McMaster University (2003)
• International Humanitarian Award, American Friends of Jamaica (2004)
• Outstanding Philanthropist of the Year, Association of Fundraising Professionals (2005)
• Honorary Doctor of Laws, Northern Caribbean University (2007)
• Honorary Doctor of Laws, University of Toronto (2007)
• Lifetime Achievement Award, Canadian Youth Business Foundation (2008)
• Honorary Doctor of Laws, Wilfrid Laurier University (2008)
• Honorary Doctor of Laws, The University of the West Indies (2008)
• Order of Jamaica (2008)
• Honorary Doctor of Laws, York University (2009)
• Luminary Award, The University of the West Indies (2011)
• Distinguished Alumni Award for the Arts, McMaster University (2011)
• Lifetime Achievement Award, Association of Chinese Canadian Entrepreneurs (2013)
• Queen Elizabeth II Diamond Jubilee Medal (2013)
• A.G. Gaston Lifetime Achievement Award, Black Enterprise (2015)
• Wealth Professional Award for Lifetime Achievement in the Financial Planning Industry, Wealth Professional (2015)

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WATCH: ‘I am healthy and fine’- Lee-Chin allays fears, explains leave of absence from NCB

Jamaican-Canadian billionaire Michael Lee-Chin on Wednesday sought to allay fears about his health following the announcement that he is taking a leave of absence from the boards of the NCB Financial Group (NCBFG).

In a press release, NCBFG said the leave of absence is to allow Lee-Chin “to focus on certain pressing business and personal matters” and it is anticipated that it will last approximately three months.

READ: Lee-Chin takes leave of absence from NCB Financial Group

Speaking with OBSERVER ONLINE, Lee-Chin, who appeared to be in good spirits, said there had been an outpouring of concerns that he may be sick because of the reference to “personal” matters in the release.

“Let me just make it patently clear. I went to the gym this morning and I was leg pressing 300 pounds; I did one-and-a-half hour of working out, so my health is fine, I am great,” Lee-Chin said, laughing.

In explaining what he said were the reasons for his absence, Lee-Chin cited his oncology and nuclear projects, noting that they were at a critical stage where they need special focus. He also noted that a COO resigned at one of his companies in Canada, and he was assuming the responsibility until he finds a replacement.

“Those are the main reasons. NCB is in fantastic hands. It has been well managed throughout the last 20 years and I thought I don’t need to be there for the next three months,” Lee-Chin said.

Watch the full interview below.

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