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He has specifically stated that "We [AIC] do not like commodities-type businesses nor most high-tech companies simply because they are implicitly poor enterprises which we would not want to hold for the long term". In 2003, Senvia Money Services Inc., a global money transfer company, was established. Lee-Chin was born in Port Antonio, Jamaica, in 1951 to Aston Lee and Hyacinth Gloria Chen. 2023 Forbes Media LLC. What started as a yacht spotter hobby, turned into a fast-growing yachting site with thousands of unique daily visitors. Lee-Chin describes the market since 1990 as "a series of rolling speculations", and now "we see a commodities bubble". So, how much is Michael Lee-Chin worth at the age of 72 years old? [40], Again, this strategy has meant that AIC has significantly underperformed the S&P index, but Lee-Chin stated in 2006 that he believed that the current boom is just another bubble. Undeterred with young Michael as a baby, she eventually got back another job at the Sang Hing Supermarket in Port Antonio. In his tribute, Wayne explained that his mother did not know her biological parents, as her mother died shortly after giving birth in 1932, just before entrusting her to the wife of a traditional Chinese doctor in Darliston, Westmoreland. He made his fortune by investing in financial companies including National Commercial Bank (NCB) in which he owns a majority stake. Similar to the experience of the late 1990s, Lee-Chin again has shied away from investing in commodities and the energy market boom. In the tourism sector, Lee-Chin guided Portland through a number of acquisitions in the Caribbean. 2023 Financial Post, a division of Postmedia Network Inc. All rights reserved. He purchased Jamaicas National Commercial Bank in 2002, a move his investor friends questioned. It recovered throughout the early 1990s by maintaining investments in large groups, such as Merrill Lynch and TD bank (formerly Toronto Dominion). Currently Lee-Chin is eyeing other prospective investment . In 2014, Lee-Chin donated $10 million to Joseph Brant Hospital in Burlington, Among them were the hospitality operations of the Trident Villas and Spa in Jamaica, Reggae Beach, and Blue Lagoon. Also, in 1974, he married Vera Lee-Chin, a Ukrainian Canadian whom he had met at university. Its past and current investments cover a wide range of industries, showcasing Lee-Chins diverse business interests. Born and raised in Jamaica. While no official confirmation has been made, the sale would not be surprising given the yachts incredible features and specifications. But, a stock is a percentage ownership in the business, he said. The Japanese talent has enjoyed a breakthrough season, leaving Real Madrid and his club Real Sociedad with a strategic business decision to make. The gift established the Michael Lee-Chin Family Institute for Corporate Citizenship at the Rotman School of Management, University of Toronto. Canada's best source for investing news, analysis, and insight on investment strategies, stocks and more. Lee-Chin is Canadas only Black billionaire, and just one of 15 Black billionaires worldwide. The Bombardier Global Express is a large-cabin business jet manufactured by Bombardier Aerospace. Comments may take up to an hour for moderation before appearing on the site. His mother sold Avon products and worked as a bookkeeper, while his stepfather ran a local grocery store. But mom wouldnt want us to talk about her business success, business acumen or entrepreneurial skills. Michael Lee-Chin - Jamaican Born Businessman, Entrepreneur and Lee-Chin bounced between jobs at a cruise line and aluminum bauxite plant, until he applied to universities in Canada. [15], In 1970, he went to Canada on a scholarship program sponsored by the Jamaican government to study Civil Engineering at McMaster University,[16] and graduated in 1974. stands by the mantra that businesses must not only do well but also do good, which is how he measures his success. Michael Lee-Chin's $300 million superyacht is a floating five star resort. They parted in 1991, and officially separated (though did not divorce) in 1997. Subscribe now to read the latest news in your city and across Canada. Several environmental groups say the FAAs approval of SpaceXs Starship program failed to address the ecological problems caused by its rocket launches, including one that exploded in dramatic fashion last month. Business mogul Michael Lee-Chin. In 2007, Manulife acquired Berkshire from Portland Holdings in exchange for shares, making Portland one of the largest shareholders of Manulife. Since 1987, Lee-Chin has been president and chairman of Portland Holdings, a private investment company. As Wellum announced the sale to the staff of around 200, and encouraged them to congratulate Lee-Chin, Lee-Chin stood off to the side, a pained look on his face. An example of data being processed may be a unique identifier stored in a cookie. Michael Lee-Chin, born on January 3, 1951, is a Jamaican-Canadian business magnate, investor, and philanthropist.