Canadian-Jamaican billionaire, Michael Lee Chin's stated intention to acquire some assets of the troubled Trinidadian firm, CL Financial, which includes a 40 per cent ownership of Jamaica Money Market Brokers Limited (JMMB), appears to have hit a snag, with JMMB CEO Keith Duncan allaying investors' fears of a Lee Chin buyout.

Duncan has pointed to an imminent deal in which a yet unnamed Trinidad bank could hold on to the bulk of the pledged shares.

The Trinidadian financial institution, JMMB says, is set to acquire three-quarters (a 30 per cent share) of the 40 per cent JMMB shares owned previously by the collapsed CL subsidiary, CLICO Investment Bank, and which had been put up as a loan collateral.

The deal, which would see the other ten per cent being retained by the Trinidad and Tobago government, which would be at liberty to sell those, is expected to be wrapped up within weeks, according to Duncan.

The JMMB CEO told investors at a briefing at the Sunset Jamaica Grande earlier this week that the company, which did not want its name disclosed now, is keen to hold on to the shares that CLICO used as collateral to secure a loan from that institution.

He was responding to a question from an investor who said she was concerned about reports that JMMB could be bought by Lee Chin.

Last month, The Gleaner reported that Lee Chin's AIC was willing to spend about US$150 million held in a Caribbean private equity fund, to acquire portions of the CL's assets.

New partner

However, according to Duncan, the Trinidadian company now holding the bulk of the shares is not willing to part with them.

"We are very comfortable with how the discussion is going. We will have a new partner," he said.

In response to questions, Duncan later told The Gleaner: "It's a company that presently has no interest in Jamaica but has interests in the Caribbean and yes, it's safe to say it's a bank."

He added: "We are pleased with the Trinidadian prospect as they are quite a successful and profitable institution with a long history."

"We have management control, any party that comes on board would be a minority shareholder. We are flattered they (AIC) have such an interest but we have control in our hands - family and staff," Duncan said, echoing earlier assurances.