Belize Times October 3, 2010

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Sunday, October 3, 2010

The Belize Times

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HYPOCRITE SUNDAY OCTOBER 3, 2010

Issue No. 4713

$1.00 www.belizetimes.bz www.pup.org.bz

Barrow and Williams still collecting from Ashcroft

EPH 6:12 FOR OUR STRUGGLES ARE NOT AGAINST FLESH AND BLOOD BUT AGAINST RULERS AND AUTHORITIES

CHAMBER SLAMS GOB’S USE OF SSB FUNDS TO BUY BTL

NTUCB NO Deh with It!

On Wave’s morning show “Fus Thng Da Mawnin” this morning, the talking heads dedicating a great deal of their time to castigating Senior Counsell Godfrey Smith for a letter he wrote on behalf of his clients to the owners of Digicel. During the discussions the Prime Minister called in to add to the commentary and declared Godfrey Smith unpatriotic. On air the PM expressed his disappointment in Smith and went on to spew his venom on Senior Counsel and Senator Hon. Eamon Courtenay. Tonight Senior Counsel Courtenay fired back, calling PM Barrow a rank hypocrite for saying that anyone who works for Lord Ashcroft is unpatriotic. He then dropped the bombshell that even today the Prime Minister’s law firm Barrow and Williams continues to serve and collect from companies connected to Lord Ashcroft. Courtenay advised the Prime Minister to take a (Continued on pg. 3)

Three weeks ago, the TIMES broke the story that GOB intended to coerce the SSB Investment Committee into committing some BZD$50,000,000.000 (fifty million dollars) of the workers Pension Fund to buy BTL. We went on to show that the same players were involved as both sellers and buyers, creating a perfect storm of fiduciary fogginess and plain old conflict of interest as the Executive Chairman of BTL, the Seller, is also the Chair who cast the tie-breaking vote to force the SSB Investment Committee to approve the purchase of the BTL shares. Our disclosure of the way the SSB Investment committee vote went, that the representatives from both the Unions and the Private Sector had voted against recommending the investment, undoubtedly caused the much touted announcement of the sale of BTL shares on Independence Day to be scaled back to the anticlimactic terse statement at the end of the PM’s address. In the public’s psyche, however, it sparked a slew of public commentar y and outcries on the airwaves this week denouncing the use of workers monies to pay off a

“private” debt. The most scathing release came early this afternoon in the form of an official release from the Belize Chamber of Commerce (BCCI). As the entity representing the largest number of employers in the country who are mandated by law to pay into the Social Security fund, the membership of the BCCI is asking for “proper due diligence before public funds are invested in BTL”. The release goes on to say that: “While the BCCI agrees that based on historical performance BTL may be considered a viable investment opportunity, the future of BTL is fraught with uncertainties, which increases the risk for the fund. These concerns must be neutralized before the BCCI can vote with confidence for the purchase”. Because of the sheer magnitude of the transaction and the possibility of it becoming a failed investment, with pension fund monies tied up for years, the Chamber has asked for a fourfold disclosure of technical, legal and financial data so that it can make an informed decision on the viability (Continued on pg. 3)

Time and again the Belizean people are faced with making value judgment as to the merits of arguments for and against a particular action or lack thereof by political leaders as they embark on major initiatives. The fact of the matter is that although some may shy away from being engaged the reality is that these decisions affect citizens for good or bad. One must therefore find it in their best interest to stay abreast of the arguments. It is also keen to know who are the persons who have been charged with responsibility to speak on behalf of the people and the manner in which they have sought to inform themselves in order to be able to make the best decision for Belize. The case before the Belizean people therefore is whether $50M of the people’s pension funds are to be used to invest in the purchase of shares in Belize Telemedia Ltd (BTL) or not. This writer is certain that every right thinking Belizean would agree that the Government should have (Continued on pg. 3)

T he National Trade Unions Cong ress of Belize draws to the public’s attention to the blatant p o l i t i c a l l y m o t iva t e d c o m m e n t s attacking the integ rity of the N T U C B ’s r e p r e s e n t a t ive o n t h e Investment Committee of the Social Security Board, Sis. Lorelei Westby by hosts of WAVE Radio’s

“Fus Ting da Mawnin.” T he Prime Minister’s call during that same show exposed the political maneuverings and pressure to isolate and humiliate anyone who does not accept this investment deal initiated by government. Through this medium, the (Continued on pg. 3)

Chief Justice Conteh SAYS ‘ADIEU’

See story on Page 35

"No watch me watch yo self!"


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Belize Times October 3, 2010 by Belize Times Press - Issuu