KINGSTON, Jamaica— Former Chairman of the Eagle Group of Companies, Dr. Paul Chen-Young, died earlier today in Miami, Florida at the age of 82.
Sources have confirmed that Chen-Young was battling cancer.
He emigrated to the United States in the late 1990s after facing numerous court challenges, and eventually emerged as one the best-known victims of the high-interest rate regime of the 1990s which led to a financial meltdown of the economy, costing the country over $120 billion in public spending.
But, prior to the meltdown, Dr. Chen Young was regarded as the financial and investment genius, who opened up the investment sector to hundreds of Jamaican-owned businesses and a booming private sector, most of which vanished in the meltdown.
He made several unsuccessful attempts to return home in recent years, including a planned appearance at the so-called FINSAC Enquiry.
Dr. Chen- Young began his career with the World Bank in 1966 and then moved into senior management positions in Jamaica at the Development Finance Corporation, Lai Corporation, and Workers Savings and Loan Bank.
He started his own business in 1975 with an economic and financial consulting firm, Chen-Young Associates, followed by the stockbroking firm Paul Chen-Young and Co.
Source: Jamaica Observer