Michael Lee-Chin, the chairman of the NCB Financial Group, sold more than 22 million shares in the regional financial services company last Friday.
The sale represented less than one per cent of the total outstanding group shares.
It came 16 days after the May 24 announcement that Mr Lee-Chin was taking a leave of absence immediately from the boards of the group, National Commercial Bank Jamaica, and Guardian Holdings.
Friday's sale of the block of shares took place across the floor of the Jamaica Stock Exchange at the price of about $68 per share and was valued at $1.54 billion.
NCB Financial Group is listed on the Jamaica Stock Exchange and the Trinidad &Tobago Stock Exchanges, both of which mandate that directors and senior executives of listed companies must disclose trading in their company's stock.
In the meantime, NCB Financial Group's corporate secretary, Dave Garcia says the sale of the shares was driven by Mr Lee Chin's diverse investment objectives, some of which he has publicly shared, and are personal.
Mr Garcia says the action does not have an impact on NCB Financial Group or its strategic direction.
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