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More than J$5 billion price tag for separation of two senior executives from NCB Financial Group

 
A more than J$5 billion price tag has been attached to the separation of two senior executives from the NCB Financial Group.
 
In the company's audited financial statement, published last week, NCB Financial Group cited a one-off separation cost under the heading "Related Party Transactions and Balances".
 
Former CEO of the group Patrick Hylton and CFO Dennis Cohen, both officially left the group last month.
 
The financial statement listed a cost of $4.83 billion in share benefit, along with a cash settlement of $1.025 billion.
 
It's not clear how the funds and shares were split.
 
The settlement comes months after both men were replaced by new leadership in the group.
 
NCB Chairman Michael Lee-Chin recently characterised the separation as amicable.
 


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