Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Featured, Miscellaneous, People & Places » U.D.P. Legal Adviser Explains Petrocaribe Law
Apr 21, 2015

U.D.P. Legal Adviser Explains Petrocaribe Law

Michael Young

Since the beginning of the week, the United Democratic Party’s legal adviser, Senior Counsel Michael Young, has been accompanying Financial Secretary Joe Waight on a series of media rounds to elucidate specific aspects of the Petrocaribe Law.  As it is, there seems to be quite a lack of comprehension of the piece of legislation and what it sets out to accomplish.  According to Young, the recent passage of the Petrocaribe Law is not a retraction of the existing Finance and Audit Act.

 

Michael Young, Legal Adviser, U.D.P.

“There is no repeal of the Finance and Audit Act.  It is merely that this is a unique case and special legislation has been passed to deal with the unique case.  It happens in so many things…  It happens in relation to the Income Tax Act which has to do with public funds.  Now the act provides, that is the Income Tax Act that everybody pays tax in a certain way and at a certain amount, where you have a unique project then a special act is passed so that the project can come in.  Sometimes you have to give investors, whether foreign or local, special concessions.  A unique situation was created by the Petrocaribe project and Mr. Waight himself explains that and says that it would have created a problem having to observe the requirements of the Finance and Audit Act.  And so it is not anything that is either sinister or difficult.  The important thing is public knowledge.  Where you have, for instance, monies being disbursed where there is a secret arrangement or maybe you have even companies who are benefiting from that situation that’s an entirely different scenario.  What we have here is argument about the technical legal requirements that apply and you have two schools of thought because you have one school of thought that says that it was not really necessary.  This was not a project which comes within the Finance and Audit Act requirement.  You have that school of thought and you have another school of thought because remember too that the Finance and Audit Act because what it says materially, where you are going to enter into a loan of ten million dollars or more then you first have to go to the house.  It might be, I don’t know, but it might be that the flow of funds is such that it’s not even ten million at a times so that you don’t need to go to the house before.”

Be Sociable, Share!


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

3 Responses for “U.D.P. Legal Adviser Explains Petrocaribe Law”

  1. Rod says:

    The most corrupt pm and gov in the history of this great nation check this pm accounts in the U.S. You will see what corruption really is and all the accounts of all the ministers in this gov wake up unu duncy belizeans .

  2. Observer says:

    I’m sorry I just can’t listen to anymore of this without high top rubber boots!

  3. Teddy Steinway says:

    Poorly expressed. Is English his language?

Leave a Reply

CAPTCHA Image
*