The
sunday, November 29, 2009
The Belize Times
1
Belize Times The Truth Shall Make You Free
SUNDAY NOVEMBER 29, 2009
Issue No. 4670
$1.00 www.belizetimes.bz
Who Will Pay the $45 Million? Legal Experts Say Taxpayers Will
PM Dean Barrow
Michael Coye British Caribbean Bank
As we go to press tonight, there is more than $45million in unexpected debt hanging over the heads of Belizean taxpayers, and nobody seems to know who will pay what in the end. It’s a complicated story which hit the media cycle last week Wednesday through an article in the Reporter. That article claimed that BTL owed $45million to the British Caribbean Bank Limited, formerly the Belize Bank (Turks and Caicos) Limited. The loan had been taken out by Telemedia in July of 2007, but fell into arrears after GOB arbitrarily took over Telemedia in August of 2009. So, the article in the Reporter claimed, the Bank was now calling in its loan.
In a very abrupt response to the article in the Reporter, an official GOB release disputed that BTL owed the money, stating that GOB had ‘acquired the loan’ and the matter was totally between GOB and the Bank. So then the outcry started, with taxpayers saying – so what, will we now have to pay $45Million? So GOB backtracked. To make a long story short, the Prime Minister of this nation is saying that in acquiring the mortgage debenture, they “inhabit the space of the creditor. The mortgage debenture is thus in government’s favour and the loan to Telemedia that it secures is a loan that is now (Continued on page 39)
UDP/GOB can’t unload Telemedia in competitive market – SMART MUST GO!
Not so long ago, the United Democratic Party, then in Opposition was agitating for competition in Belize’s telecommunications market, but now that the UDP government has taken over Belize Telemedia, the shoe is on the other foot. Their ill-planned and imprudent nationalization of Telemedia has left them holding the cat in the bag, and they have found that they can’t unload Telemedia on an unwary buyer because Smart’s aggressive gains in market share, 45,000 new subscribers over the past 14 months, make Telemedia unsellable. The actions of the new management at Telemedia over the past week have clearly indicated that they no longer want fair competition, where the customer benefits from improved services. Instead it would appear the
Telemedia management wants a return to the monopoly of the past and has decided that Smart must go. To this end they first offered Smart customers all sorts of sweetheart deal, upgrades in their phones, unlimited FREE SMS for several months for those making the switch, but they underestimated the loyalty of Smart customers to the quality of service they have grown accustomed to with Smart Speednet. The result is that Smart customers did not make the switch in droves as the Telemedia executives had hoped, despite the inflated number that have been reported in other sections of the media. Driven to desperation, the Telemedia management decided to breach their signed interconnectivity agreement with Smart and (Continued on page 39)
Net Vasquez BTL
Ernesto Torres Smart
Millions for Lice While 100 Workers Sent Home
Lois Young
Home of BML Worker & Mother of 6
. . . r e h et g o T e m Co
It took Zenaida Moya three years to ‘bruk’ the Belize City Council but it took Dean Barrow only one year to wreck the economy and ‘bruk’ the Government. The government has racked up a deficit of $90 million in the first year of Barrow’s administration. Belizeans are now facing the hardest times in modern Belizean history. Prime Minister Barrow, referred to as the man with no plan, does not have a clue what to do. His best advice to Belizeans three weeks ago was to ‘batten down,’ an old phrase meaning to curl up and take the lashing from an incompetent government which has run out of solutions.
Not that it matters to Mr. Barrow. He readily pays out millions to his ex-wife Lois Young Barrow but states publicly that he will not provide a single dollar to help save the jobs of over 100 sanitation workers who have been told to go home because the UDP City Council is so broke that there is no money to pay them. But broke as the City Council has become, it still finds money to pay Moya her extravagant salary, allowances and perks and high salaries for the ten city councilors even though they all have full time jobs elsewhere. The Prime Minister, embroiled in new litigation over Telemedia and lacking all semblance of a (Continued on page 39)
It's Time For The PUP!