The Chairman of the National Commercial Bank Financial Group, Michael Lee Chin, has sold off more than 22 million shares in the company.

The Jamaica Stock Exchange posted on its website last Friday that a connected party with NCBFG sold off 22,708,700 shares.

Lee-Chin’s involvement in the sale of the block of shares was confirmed by NCB’s Corporate Secretary, Dave Garcia.

A report in the Guardian newspaper in Trinidad and Tobago says the sale came 16 days after Lee Chin announced he was taking a leave of absence immediately from the boards of NCBFG, National Commercial Bank Jamaica and Guardian Holdings Limited.

At JM $68 per share, Lee Chin is understood to have earned $1.54 billion from the sale.

Meanwhile, the National Commercial Bank is seeking to reassure the public that Mr Lee-Chin continues to maintain confidence in NCBFG.

In a release, NCB says the shares sold, account for less than 1 percent of the total outstanding NCBFG shares

It says Mr Lee-Chin remains as their majority shareholder and has expressed commitment to maintain this status.

It says the Chairman’s actions are driven by his diverse investment objectives and does not have an impact on the company or its strategic direction.