Severance package for former top NCB execs 'nowhere near $13b'

NCB Financial Group Chairman Michael Lee-Chin and Interim Group CEO Robert Almeida
By Javaughn Keyes
The NCB Financial Group says while the severance packages for the two former senior executives will be a hefty figure, it is nowhere near the multi-billion dollar sum being reported.
In an interview with Radio Jamaica's Business Reporter Javaughn Keyes, Chairman of the NCB Financial Group Michael Lee-Chin said the final figure agreed to is less than the $13.8 billion sum linked to surrendered shares.
"I can assure you, it's nowhere near $13 billion. That is a number that was fantasy and it made a good press. But the reality is, it's nowhere near $13 billion," insisted Mr. Lee-Chin. 
He said a ballpark figure will be revealed on Tuesday when the company releases its annual report. 
Meanwhile, Interim CEO for the group Robert Almeida, explained why the company said the costs associated with the separation of former CEO Patrick Hylton and Deputy CEO Dennis Cohen would have a "material impact" on the fourth quarter results. 
"The whole effect of it will all be taken in one quarter. So that's the main point, which is the entire impact will be recorded in the one quarter. And so therefore, it materially impacts the financial performance of the company in that one quarter with the nonrecurring expenses," he said. 
Mr. Hylton and Mr. Cohen officially resigned from their posts on November 13.
They also stepped down from boards associated with the group, including Guardian.

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