BIGHEARTED BILLIONAIRE - JAMAICA TOURIST ISSUE 12
Few can match the charisma of The Honourable Michael Lee-Chin, the Jamaican Canadian entrepreneur who left the island almost four decades ago in search of his dream. Since then, Lee-Chin has made it onto the exclusive list of Forbes Billionaires and been named one of “Canada’s Heroes” by Time Magazine. While he found financial success in Canada, Lee-Chin has stayed committed to the development of his native land through his many investments on the island. Beloved on the island for his philanthropic initiatives and determination to be a force for good, his outstanding achievements earned him the Order of Jamaica in 2008. One of Jamaica’s highest National honors, the Knighthood is given to persons who by their service and contribution have had a meaningful and significant impact on national life. This almost mythical, statuesque billionaire continues to be an inspiration to ordinary Jamaicans simply through his very presence.
He looks like Tiger Wood’s handsome, older brother and his megawatt smile could light up even the darkest corner in the room. And in a country in need of male role models, stories like his are in short supply. The chronicle of Michael Lee-Chin’s meteoric rise to fame and riches is living proof that anyone who aspires to improve their lives can do so with a good attitude, discipline and a healthy amount of courage. Add to it a generous, big hearted personality and you have the ingredients to create a champion.
Of African and Chinese ancestry, Lee-Chin was born to his young mother Hyacinth Gloria Chen in 1951. When he was seven, his mother married Vincent Chen and the family steadily grew by another eight children. Clearly, the parent’s belief in hard work, sacrifice and good values has been passed on to the couple’s brood, all of whom have gone on to complete University degrees and have successful careers.
Naming his mother as his biggest inspiration, Lee-Chin says, “Both my parents were honest, had integrity and led by example. They had high expectations of themselves and others and were great role models for us.” Evidently, Lee-Chin inherited the merchant gene and belief in customer service from his mother, who worked as a book-keeper and made extra money as a local Avon lady. Remembers Lee-Chin, “As a young boy, I used to take the country bus from Port Antonio to Kingston to pick up my mother’s Avon orders and then help package and deliver the products to customers.”
Lee-Chin received valuable “on the job training”, or in his own words “BSCE” (Behind Shop Counter Experience)” from the age of 11, when he used to sell dried goods, shoes and brassieres and “make change” with customers at the family run dry goods store in Port Antonio. Remembers Lee-Chin, “Dad used to open the store in the morning at 9 am and I would take over the shift at 3 pm, when I was finished at school.” These days, Lee-Chin does a lot more than “make change”, and it is hard to believe that this fashionable, 6’ 4” international entrepreneur held down a job as a bellman on a Norwegian Cruise ship while he daydreamed about riches and fame nearly four decades ago.
But it must be said: this dynamic entrepreneur took full advantage of every opportunity that came his way to climb the ladder towards global fame and fortune. After graduating from Canada’s McMaster University with a degree in Civil Engineering in 1974 and putting in a brief stint as road engineer for the Jamaican Government as payback for his scholarship, Lee-Chin finally found his niche as a financial advisor. Fast forward a few decades, and the street-smart business virtuoso has all but conquered the world with his still-growing business empire.
Named one of the richest people in Canada by Canadian Business Magazine, it is clear that Lee-Chin feels an allegiance both to the country of his birth and the nation that provided him with the opportunity to make his first million. He explains, “I spent my formative years in Jamaica, and the self-confidence I have comes from growing up in a small, nurturing town. It made me a confident person. However, I spent my shaping business years in Canada, and that is where I found my success.” Lee-Chin points to the obvious advantage of this fact, which is his ability to look at Jamaica with the eyes of a foreign investor.
“MLC”, as he is affectionately called around the island, spends one week per month on the island, whizzing around the island in his helicopter to look after his many investments. The Founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified businesses operating in the media, tourism, health care, telecommunications and financial services sectors, Lee-Chin is also the Founder and Executive Chairman of AIC Limited, a privately owned Mutual Fund Management Company in Canada, and Chairman of the National Commercial Bank of Jamaica.
After carefully considering the question of what he believes to be his most successful business venture, Lee-Chin, who purchased National Commercial Bank (NCB) of Jamaica and its subsidiaries in 2002, replies, “AIC, which got me going in Canada, and NCB.” Explains the financier, “When I took over NCB, the bank was practically defunct and characterized by low morale internally, poor IT structure and no confidence. We had to boost morale, build confidence and change the culture from one of bureaucracy to one that was customer and sales oriented.”
Through the provision of retail and commercial financing, NCB has become a vital vehicle for growth in Jamaica in numerous sectors. Says the NCB Chairman, “Firstly, our commercial banking division has a portfolio of clients that spans the gamut of large industry from mining, tourism to real estate and more. The other important part is our SME (Small Enterprise) division. Small businesses will eventually be the engine of growth in Jamaica, and we have a very active SME division.”
Since becoming part of the Portland group of companies, NCB profits have increased from US$6M to over US$120M and Lee-Chin has reason to be proud of NCB, which stands as Jamaica’s largest bank with 45 branches, 2,400 employees, and offices in the Caymans and the United Kingdom. Says the Chairman, “Today, NCB is efficient, profitable and respected. Its reputation is great.”
In the island’s vitally important tourism sector, the billionaire has guided Portland Holdings Inc. through a number of acquisitions in the Caribbean, among them, the Trident Villas, Reggae Beach and the Blue Lagoon. According to Lee-Chin, Jamaica’s tourism product still has a long way to go, “With Cuba opening up, we will continue to see more southward traffic and the centre of gravity will move towards Jamaica and Cuba, which are both destinations that offer unique cultures, food and music. The tourism industry needs to differentiate Jamaica in the market place through the targeting of niche market segments such as sports tourism, educational tourism, health tourism, medical tourism and art tourism. These sub-sets attract higher margin clients and will in turn employ a wider cross section of professional Jamaicans.”
Comments Lee-Chin, on the introduction of full service casino gambling, “Today, gambling is everywhere and as a destination, Jamaica is at a disadvantage without it. Once full service gambling is introduced, we will be on an even playing ground with everyone else and in a more competitive position. Of course, premier high end casinos also attract the higher economic echelon.”
Lee-Chin’s confidence is undoubtedly the secret of his success. In the midst of the global recession, the savvy investor is staying true to AIC’s Buffett inspired investment philosophy of “Buy, Hold and Prosper” and remains bullish in his outlook. Recently describing his appetite for new investments as one of “I am greedy in crisis”, this shrewd billionaire has his feet firmly planted on the ground and his antenna in the airwaves looking for opportunity in a world where lack of buoyancy is the kiss of death. Explains the financier, “In a crisis, most people are fearful and get paralyzed. However, a crisis provides opportunities and those entrepreneurs who have confidence take advantage of those opportunities.”
Lee-Chin describes the changes his companies have had to make to adapt to the current economic climate, “In the area of Canadian money management, the stock market is down, which means assets are down. We have had to adjust our expenses and be more mindful of how we use our expenditure. We have to dig deeper and push harder than before and so, we have become more efficient and less complacent.” Asked if he thinks the election of President Obama will influence Jamaica positively, Lee-Chin chuckles, “Well, definitely not negatively! The most important thing President Obama brings is peace to the world. Who he is and his attitude will benefit everyone.”
While Lee-Chin’s business accomplishments span various countries and numerous sectors, it is his enduring commitment to charity that has gained him the most goodwill and a special place in many people’s hearts. MLC has not forgotten where he came from and takes the responsibility of giving back seriously, a fact that is also firmly founded in his business philosophy. Based on the mantra that we must “not only do well, but also do good,” Lee-Chin believes that true success can only be measured through the effort put into helping others and his businesses are committed to improving the social well-being of the communities in which they operate.
Lee-Chin’s commitment to charity has been notable both in Canada and in Jamaica. In 2003, he made headlines when he pledged Cdn $30M to the Royal Ontario Museum’s Renaissance ROM Campaign and in 2008, he donated J$260M to Northern Caribbean University to build a world class nursing school. The Hyacinth Chen School of Nursing, named in honor of his mother has an enrollment of over 800 students. In 2008, Lee-Chin received “The Order of Jamaica”, for his significant contributions to business and philanthropy. Other prestigious awards include the 2004 International Humanitarian Award from the American Friends of Jamaica and Honorary Doctor of Laws, Honoris Causa degrees from McMaster University, Northern Caribbean University, the University of Toronto, Sir Wilfrid Laurier University, University of West Indies, and York University (June 27, 2009).
According to Lee-Chin, he is proud of the opportunities that he has had to do very well in life and tries to use the podium to contribute back to society, “I try to be an inspiration to others. I didn’t start with an advantage. I would like my legacy to be for anyone from anywhere to know that, if you have the right principles and stick to them, long term, through thick and thin, you will get fulfillment – and by that, I mean living an unselfish life. By the Grace of God, we can’t get too selfish and must use our positions to contribute in an unselfish way. My parents came from an ordinary background and my upbringing was not atypical, so it is easy for ordinary Jamaicans to relate to me. I am living proof that anything is possible.”
He looks like Tiger Wood’s handsome, older brother and his megawatt smile could light up even the darkest corner in the room. And in a country in need of male role models, stories like his are in short supply. The chronicle of Michael Lee-Chin’s meteoric rise to fame and riches is living proof that anyone who aspires to improve their lives can do so with a good attitude, discipline and a healthy amount of courage. Add to it a generous, big hearted personality and you have the ingredients to create a champion.
Of African and Chinese ancestry, Lee-Chin was born to his young mother Hyacinth Gloria Chen in 1951. When he was seven, his mother married Vincent Chen and the family steadily grew by another eight children. Clearly, the parent’s belief in hard work, sacrifice and good values has been passed on to the couple’s brood, all of whom have gone on to complete University degrees and have successful careers.
Naming his mother as his biggest inspiration, Lee-Chin says, “Both my parents were honest, had integrity and led by example. They had high expectations of themselves and others and were great role models for us.” Evidently, Lee-Chin inherited the merchant gene and belief in customer service from his mother, who worked as a book-keeper and made extra money as a local Avon lady. Remembers Lee-Chin, “As a young boy, I used to take the country bus from Port Antonio to Kingston to pick up my mother’s Avon orders and then help package and deliver the products to customers.”
Lee-Chin received valuable “on the job training”, or in his own words “BSCE” (Behind Shop Counter Experience)” from the age of 11, when he used to sell dried goods, shoes and brassieres and “make change” with customers at the family run dry goods store in Port Antonio. Remembers Lee-Chin, “Dad used to open the store in the morning at 9 am and I would take over the shift at 3 pm, when I was finished at school.” These days, Lee-Chin does a lot more than “make change”, and it is hard to believe that this fashionable, 6’ 4” international entrepreneur held down a job as a bellman on a Norwegian Cruise ship while he daydreamed about riches and fame nearly four decades ago.
But it must be said: this dynamic entrepreneur took full advantage of every opportunity that came his way to climb the ladder towards global fame and fortune. After graduating from Canada’s McMaster University with a degree in Civil Engineering in 1974 and putting in a brief stint as road engineer for the Jamaican Government as payback for his scholarship, Lee-Chin finally found his niche as a financial advisor. Fast forward a few decades, and the street-smart business virtuoso has all but conquered the world with his still-growing business empire.
Named one of the richest people in Canada by Canadian Business Magazine, it is clear that Lee-Chin feels an allegiance both to the country of his birth and the nation that provided him with the opportunity to make his first million. He explains, “I spent my formative years in Jamaica, and the self-confidence I have comes from growing up in a small, nurturing town. It made me a confident person. However, I spent my shaping business years in Canada, and that is where I found my success.” Lee-Chin points to the obvious advantage of this fact, which is his ability to look at Jamaica with the eyes of a foreign investor.
“MLC”, as he is affectionately called around the island, spends one week per month on the island, whizzing around the island in his helicopter to look after his many investments. The Founder and Chairman of Portland Holdings Inc., a privately held investment company which owns a collection of diversified businesses operating in the media, tourism, health care, telecommunications and financial services sectors, Lee-Chin is also the Founder and Executive Chairman of AIC Limited, a privately owned Mutual Fund Management Company in Canada, and Chairman of the National Commercial Bank of Jamaica.
After carefully considering the question of what he believes to be his most successful business venture, Lee-Chin, who purchased National Commercial Bank (NCB) of Jamaica and its subsidiaries in 2002, replies, “AIC, which got me going in Canada, and NCB.” Explains the financier, “When I took over NCB, the bank was practically defunct and characterized by low morale internally, poor IT structure and no confidence. We had to boost morale, build confidence and change the culture from one of bureaucracy to one that was customer and sales oriented.”
Through the provision of retail and commercial financing, NCB has become a vital vehicle for growth in Jamaica in numerous sectors. Says the NCB Chairman, “Firstly, our commercial banking division has a portfolio of clients that spans the gamut of large industry from mining, tourism to real estate and more. The other important part is our SME (Small Enterprise) division. Small businesses will eventually be the engine of growth in Jamaica, and we have a very active SME division.”
Since becoming part of the Portland group of companies, NCB profits have increased from US$6M to over US$120M and Lee-Chin has reason to be proud of NCB, which stands as Jamaica’s largest bank with 45 branches, 2,400 employees, and offices in the Caymans and the United Kingdom. Says the Chairman, “Today, NCB is efficient, profitable and respected. Its reputation is great.”
In the island’s vitally important tourism sector, the billionaire has guided Portland Holdings Inc. through a number of acquisitions in the Caribbean, among them, the Trident Villas, Reggae Beach and the Blue Lagoon. According to Lee-Chin, Jamaica’s tourism product still has a long way to go, “With Cuba opening up, we will continue to see more southward traffic and the centre of gravity will move towards Jamaica and Cuba, which are both destinations that offer unique cultures, food and music. The tourism industry needs to differentiate Jamaica in the market place through the targeting of niche market segments such as sports tourism, educational tourism, health tourism, medical tourism and art tourism. These sub-sets attract higher margin clients and will in turn employ a wider cross section of professional Jamaicans.”
Comments Lee-Chin, on the introduction of full service casino gambling, “Today, gambling is everywhere and as a destination, Jamaica is at a disadvantage without it. Once full service gambling is introduced, we will be on an even playing ground with everyone else and in a more competitive position. Of course, premier high end casinos also attract the higher economic echelon.”
Lee-Chin’s confidence is undoubtedly the secret of his success. In the midst of the global recession, the savvy investor is staying true to AIC’s Buffett inspired investment philosophy of “Buy, Hold and Prosper” and remains bullish in his outlook. Recently describing his appetite for new investments as one of “I am greedy in crisis”, this shrewd billionaire has his feet firmly planted on the ground and his antenna in the airwaves looking for opportunity in a world where lack of buoyancy is the kiss of death. Explains the financier, “In a crisis, most people are fearful and get paralyzed. However, a crisis provides opportunities and those entrepreneurs who have confidence take advantage of those opportunities.”
Lee-Chin describes the changes his companies have had to make to adapt to the current economic climate, “In the area of Canadian money management, the stock market is down, which means assets are down. We have had to adjust our expenses and be more mindful of how we use our expenditure. We have to dig deeper and push harder than before and so, we have become more efficient and less complacent.” Asked if he thinks the election of President Obama will influence Jamaica positively, Lee-Chin chuckles, “Well, definitely not negatively! The most important thing President Obama brings is peace to the world. Who he is and his attitude will benefit everyone.”
While Lee-Chin’s business accomplishments span various countries and numerous sectors, it is his enduring commitment to charity that has gained him the most goodwill and a special place in many people’s hearts. MLC has not forgotten where he came from and takes the responsibility of giving back seriously, a fact that is also firmly founded in his business philosophy. Based on the mantra that we must “not only do well, but also do good,” Lee-Chin believes that true success can only be measured through the effort put into helping others and his businesses are committed to improving the social well-being of the communities in which they operate.
Lee-Chin’s commitment to charity has been notable both in Canada and in Jamaica. In 2003, he made headlines when he pledged Cdn $30M to the Royal Ontario Museum’s Renaissance ROM Campaign and in 2008, he donated J$260M to Northern Caribbean University to build a world class nursing school. The Hyacinth Chen School of Nursing, named in honor of his mother has an enrollment of over 800 students. In 2008, Lee-Chin received “The Order of Jamaica”, for his significant contributions to business and philanthropy. Other prestigious awards include the 2004 International Humanitarian Award from the American Friends of Jamaica and Honorary Doctor of Laws, Honoris Causa degrees from McMaster University, Northern Caribbean University, the University of Toronto, Sir Wilfrid Laurier University, University of West Indies, and York University (June 27, 2009).
According to Lee-Chin, he is proud of the opportunities that he has had to do very well in life and tries to use the podium to contribute back to society, “I try to be an inspiration to others. I didn’t start with an advantage. I would like my legacy to be for anyone from anywhere to know that, if you have the right principles and stick to them, long term, through thick and thin, you will get fulfillment – and by that, I mean living an unselfish life. By the Grace of God, we can’t get too selfish and must use our positions to contribute in an unselfish way. My parents came from an ordinary background and my upbringing was not atypical, so it is easy for ordinary Jamaicans to relate to me. I am living proof that anything is possible.”
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