NCB Financial Group underwrites J$15.1billion in financial support for Jamaica Broilers Group. 

Detected Manipulations & Suggested Changes

Unbalanced reporting

Presenting mainly one perspective or set of interests while omitting other relevant viewpoints or potential criticisms.

The article consists almost entirely of: - NCB’s framing of the deal and its own capabilities: - “This J$15.1 billion deal is a tangible demonstration of the scale and range of NCB Financial Group’s capabilities, and a direct product of the recent operational merger of our Corporate and Investment Banking deal teams within NCB,” Young added. - JBG’s positive framing of its turnaround: - “We are implementing a disciplined turnaround plan that places governance, oversight, and operational efficiency at the core,” said Group President and CEO of Jamaica Broilers Group Christopher Levy. - “With NCB’s support, we are confident in our ability to regain momentum and rebuild shareholder value.” Missing are: - Any independent analyst, regulator, minority shareholder, or competitor perspective. - Any discussion of risks to taxpayers, depositors, or the wider financial system. - Any questioning of whether the financing terms are favorable, or whether there are concerns about the accounting issues beyond what JBG itself discloses.

3 suggestions

Include at least one independent expert or analyst comment on the risks and merits of the financing, for example: a securities analyst, academic, or regulator providing context on the size of the deal, risk profile, and implications for the market.

Add questions or data about potential downsides, such as leverage levels, covenant tightness, or what happens if the US turnaround underperforms, rather than only quoting optimistic statements from NCB and JBG.

Clarify whether there are any concerns from minority shareholders, bondholders, or other creditors about the restructuring of covenants and collateral, and summarize their views if available.

Selective use of sources

Relying on a narrow set of sources that share the same interests or perspective, which can bias the narrative.

All quoted voices are insiders with a direct interest in presenting the deal positively: - Angus P Young, CEO of NCB Capital Markets Limited and Executive Vice President at NCBJ. - Christopher Levy, Group President and CEO of Jamaica Broilers Group. There are no quotes or paraphrased views from: - Other domestic creditors mentioned in: “The NCB team also led negotiations with other domestic creditors of JBG to reset financial covenants and modify the collateral security package.” - Regulators, industry associations, or independent financial commentators. This creates a one-sided, press-release-like narrative that emphasizes benefits and confidence without external scrutiny.

3 suggestions

Quote or summarize comments from at least one other domestic creditor or market participant on the covenant reset and collateral changes, including any concerns or conditions they imposed.

Include a brief comment from a regulator or industry body (if available) on the broader implications for corporate governance and financial stability.

Explicitly state that the article is based on a press release or corporate statements if that is the case, so readers understand the source and potential bias.

Omission of key information

Leaving out relevant facts that would help readers fully understand the situation, even if the included information is accurate.

Examples of missing context: - The article notes: “JBG has identified and disclosed accounting matters within its US operations that adversely impacted cash flows, profitability, and consolidated results. The variance primarily reflects adjustments related to inventories and biological assets, goodwill impairments, and the recognition of previously unrecorded liabilities.” But it omits: - The magnitude of these adjustments (e.g., total write-downs, percentage impact on prior reported profits). - Whether restated financial statements were issued or are planned. - Whether any investigations, regulatory reviews, or management accountability measures (beyond generic ‘strengthened leadership’) are underway. - The financing terms are described in structure but not in risk terms: - “The proposed solution includes J$6.4 billion in loans from NCBJ, in addition to NCBCM arranging J$8.7 billion in multi-tranche bonds extending up to 14 years.” Missing are: - Interest rate ranges, security details, or key covenants. - Any indication of how this affects JBG’s leverage or coverage ratios. - The article highlights positive performance of Jamaican operations: - “Importantly, the group’s Jamaican operations remained profitable, delivering a net profit of J$2.5 billion and maintaining an equity position of J$16 billion…” but does not provide comparative figures (e.g., prior year, group-level results) to contextualize whether this is an improvement or deterioration.

4 suggestions

Provide at least approximate figures for the accounting adjustments (e.g., total amount of write-downs and previously unrecorded liabilities) and clarify whether prior financial statements have been or will be restated.

Add basic risk-related details of the financing, such as whether the loans and bonds are fixed or floating rate, seniority, and any key covenants that materially affect JBG’s flexibility.

Include comparative data (e.g., previous year’s net profit and equity, or group-wide results) so readers can judge whether the Jamaican operations’ performance is improving or declining.

State whether any regulatory bodies are involved or monitoring the accounting issues, and whether any formal investigations or enforcement actions are in progress or have been ruled out.

Biased language

Use of value-laden or promotional wording that subtly frames subjects in a positive or negative light without neutral justification.

Several phrases lean toward promotional framing: - “JBG is one of Jamaica’s most significant indigenous agribusiness companies, with a critical role in national food security, employment, and rural livelihoods…” - This is a flattering, high-importance framing coming from NCB’s CEO, not an independent assessment. - “We are encouraged by the approach being taken…” and “decisive corrective actions now underway.” - These are positive characterizations of management’s response, again from a party with a vested interest. - “highlighting the resilience and underlying strength of the domestic business.” - This is an interpretive, positive spin on the profit and equity figures, rather than a neutral description. - “a tangible demonstration of the scale and range of NCB Financial Group’s capabilities…” - This is explicitly promotional about NCB’s own prowess. While these are mostly in quotes, the article does not balance them with more neutral or critical framing, so the overall tone becomes subtly promotional.

3 suggestions

Clearly attribute all evaluative or promotional phrases to the speakers and avoid adopting them in the reporter’s voice. For example: “Young described JBG as ‘one of Jamaica’s most significant indigenous agribusiness companies…’” instead of presenting it as an unqualified fact.

Replace interpretive phrases in the narrative voice with neutral descriptions. For example, instead of “highlighting the resilience and underlying strength of the domestic business,” write: “These results indicate that the Jamaican operations remained profitable despite challenges in the US segment.”

Balance promotional quotes with neutral or cautiously worded context, such as noting that the turnaround plan is at an early stage and outcomes remain uncertain.

Appeal to authority

Relying on the status or position of individuals or institutions to imply that their positive assessments should be accepted without further evidence.

The article leans on the authority and status of senior executives to reassure readers: - Angus P Young is introduced with multiple titles: “CEO of NCB Capital Markets Limited (NCBCM) and Executive Vice President, Corporate and Investment Banking at National Commercial Bank Jamaica Limited (NCBJ).” - Christopher Levy is introduced as “Group President and CEO of Jamaica Broilers Group.” Their optimistic statements about the turnaround and the company’s strength are presented without counterpoints or independent verification. The implicit message is that because these are high-ranking executives, their confidence and framing should be trusted, even though they have clear incentives to present the situation positively.

3 suggestions

Complement executive statements with independent data or third-party analysis rather than relying primarily on their authority. For example, include market reaction, credit ratings, or analyst commentary where available.

Explicitly note that these are management’s views and that outcomes depend on execution and market conditions, to avoid implying that their authority guarantees success.

Shorten or simplify title lists unless directly relevant to the story’s substance, to reduce the rhetorical weight of authority and keep focus on verifiable facts.

Oversimplification

Presenting a complex situation in a way that glosses over important nuances, risks, or uncertainties.

The narrative suggests a relatively straightforward path from financing and governance improvements to recovery: - “This is expected to provide JBG with the stability and runway required to execute its recovery strategy, reinforce internal controls, and return its operations to sustainable performance, while supporting the continued growth of its local operations.” - “With NCB’s support, we are confident in our ability to regain momentum and rebuild shareholder value.” - “With more robust corporate governance, transparency, and disciplined execution, we believe that JBG is well positioned to recover and deliver value to stakeholders and the wider economy.” These statements imply that the combination of financing and governance changes will likely lead to recovery, without discussing: - The specific operational challenges in the US segment. - Market risks (e.g., commodity prices, demand shifts, regulatory changes). - The possibility that the turnaround could fail or take longer than expected.

3 suggestions

Add brief discussion of key risks and uncertainties facing the turnaround, such as market conditions in the US, execution risks, or potential further write-downs.

Qualify forward-looking statements with clear indications that they are projections or expectations, not guarantees (e.g., “JBG aims to…” or “Management expects, but this will depend on…”).

Include any available timelines or milestones for the turnaround plan, and note that progress will need to be monitored over time rather than assumed.