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Feb 12, 2016

Has the Santander Loan Issue Been Unfairly Politicized?

Andres Ayau

Ayau says the press conference was deemed necessary because of the public outcry, much of which he says has been based on inaccurate information. The Santander Rep felt that the matter had been politicized because the company operates out of Guatemala.


Andres Ayau, Chief Financial Officer, Santander Group

“I think they have an effect. I think the misconception that we are part of the Santander Financial Investment Group in Spain would obviously generate the question if they have so much money, why would they need to find local banks. The reason is we are not the Santander Financial Investment Group; we are the Santander Sugar Group and we are completely unaffiliated with them. The reason why we invite local members again is to provide a benefit to the local economy; just like the Social Security Board, banks here have a lot of liquidity and they are looking for greater returns and where to place their money. It is customary in these types of international transactions to have a local component to them so as to provide a benefit to the country’s lenders and also to provide like a local validation to the international lenders that the banks within the jurisdiction are willing to participate in this. So it is a mutual thing. Regarding the issue about the origin of the investors, yes there are some Guatemalan investors; we have people from Spain, people from the United States, we have people from Dominican Republic. And I think we really need to get over this.  Our commitment is firm with this country. Our commitment…we’ve been here for four years; some of the investors actually live in Belize. We are putting our money in a good place; there are a lot of good things to come and if we just work together, there are great things we can accomplish.”


According to Santander the company is ready to begin operations in the next three weeks for a partial harvest, which will transition into a full harvest in 2017. The factory capacity is for eight hundred thousand tons of sugar which will be sold to the European Union market.  

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1 Response for “Has the Santander Loan Issue Been Unfairly Politicized?”

  1. Belizean Pride says:

    I don’t think so! It was not fairly politicized it is a concern to me and many Belizeans that pay SSB and our contributions of many yrs will be lent to a so called investor who at the end I nor any other Belizean will benefit rather risk the hope of getting a pension when i get old. that is IF there’s any money left for us.

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