By Ashford W. Meikle, Staff Reporter 
Lee Chin (left) and Hill (right)
FORMER GROUP managing director of National Commercial Bank, Aubyn Hill, collected almost $150 million as part of his ex gratia payment after leaving that institution in November last year.
A notice published by the Jamaica Stock Exchange (JSE) in its daily stock market report yesterday advised: "On De-cember 17, 2004, AIC Barbados Limited transferred 6,274,263 shares in National Commercial Bank Jamaica Ltd. to Mr. Aubyn Hill."
Those shares, at the close of business on the Jamaica
Stock Exchange yesterday, would have a value of $147,445,180.50. (NCB closed the trading day at $23.50).
The report said that "Mr. Michael Lee Chin purchased 17,972 shares of National Commercial Bank Jamaica Limited on November 25, 2004, increasing his total shareholdings to 5,156,501 units."
Yesterday's disclosure by the JSE contradicts previous reports published in other media which suggested that the former NCB executive had collected a settlement amount of between US$750,000 and US$1 million. It is clear that, excluding NCB's board and Mr. Hill, no one knows for sure what the exact terms of the settlement at the negotiating table were.
But some persons in the financial industry are not surprised at the stock option presented to Mr. Hill. Observers point to his remarks in an interview he gave to the Financial Gleaner when news of his departure broke: "I am still a substantial shareholder in the bank and I have lots of friends here. My mission is to continue to build a better Jamaica."
CHIEF RESTRUCTRING OFFICER
In December 2004, he was appointed the chief restructur-ing officer for the beleaguered national airline, Air Jamaica. He was appointed in a consultancy role for a six-month period. There was speculation that he was earning US$500,000 for that period.
But, in interview with Wednesday Business, last month, Mr. Hill said that he decided to forego his fee at Air Jamaica to assist the airline in reducing its costs. It was part of giving back to his country, remarked the amiable executive.
Recently, he was named as one of the board members in Cliff Hughes' Nationwide News Network. It is reported that the 10 stakeholders invested about J$67 million in that venture.
Contacted yesterday, an amused Mr. Hill was noncommittal in his reaction to the disclosure:
"I believe in the free market capitalist system and the stock market is an important part of that system. And timely
and accurate disclosure [of information] makes the system work well."
