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Aug 3, 2004

Who is paying Glen Godfrey?s loans?

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It?s steady rise, but speedy descent has been a hot topic for months and while there is little doubt that telecommunications company Intelco is on the brink of financial failure, tonight, questions regarding its loans, who?s paying them and the money being used, are circling the company like vultures over a carcass. Latest press reports allege that Social Security monies were used to securitize, and then pay Intelco?s loans. This morning, Prime Minister Said Musa commented on those claims.

Said Musa, Prime Minister of Belize

?There?s been a lot of talk about that, but the point is this, that as far as I am concerned, the government?s exposure is very limited. It is not a case of a straight guarantee by the government as has been portrayed in the press and in any case, I am very sure, I feel very confident that there will be no loss to government even if Intelco were to go down.?

?When you deal with high finance, it?s never simple because you have to break it down and explain to people and you people of course are very aggressive in the media today and that?s as it should be; that?s very healthy. But I still feel that yes, I take your point; we are not doing enough in explaining to the people. Part of the thing is that, we are going through a process and until things are fully settled. It?s no point just rushing to the media a say this is the story. We want things to be settled perfectly and in order and then come before you and explain the situation. I?m hoping that will be happening very soon.?

Via telephone this afternoon, General Manager of the Belize Social Security Board, Narda Garcia told News 5 that S.S.B. participated with the Government of Belize and the Development Finance Corporation in the securitization of mortgages at several institutions including the St. James National Building Society, The Belize National Building Society and the Ministry of Housing. According to Garcia, several loans were issued through the St. James National Building Society to companies belonging to Belize City businessman Glen Godfrey. However, we understand none of those companies were listed as Intelco. But as it turns out, those loans were not performing, meaning they were not being paid, and because S.S.B. and D.F.C. had facilitated the mortgages, they had to pay up when the borrower didn?t. As a result, Garcia says S.S.B. sent D.F.C. some five point eight million dollars which was then forwarded to institutions in the Caribbean and the United States as payment towards Glen Godfrey?s defaulted loans. As to news regarding a possible buy-out of Intelco by B.T.L., I.C.C.?s Rene Henry tells News 5 this week simply that ?There have been discussions?.

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