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Nov 7, 2016

Are Citrus Growers Better Off After Losing More Than Half of Shares in C.P.B.L.?

Anthony Chanona

According to Chanona, growers have lost fifty-eight percent of ownership in CPBL.  Shareholdings have since plummeted from ninety-nine to forty-one percent over the years and farmers are urging the committee of management to come clean about CGA’s assets.

 

Isani Cayetano

“You’ve mentioned that there hasn’t been any audit of the association’s financials for quite some time.  You’ve also mentioned that in terms of the overall shares in CPBL that is also a concern.  Where does the chairperson stand in all of this, based on Saturday’s meeting?”

 

On the Phone: Anthony Chanona, Citrus Grower

“Well Saturday’s meeting, as you know, was a CPBL board meeting.  So we deliberately did not bring up any CGA matter, it was not the forum to discuss the CGA matter.  Not even the CGA holdings through its ICL arm, its shares.  But, I will tell you this.  We have lost shareholdings, citrus growers owned ninety-nine percent of CPBL when we first started these investments and these initiatives.  Today, the citrus growers own forty-one percent.  We are no longer the majority shareholder and as we proceed to be borrowing and spending and not accounting, one has to look at the residue of assets that growers own.  It’s now down to forty-one percent, so we would like to know what is the status of these shares are they pledged, are they being committed in any way and when are we going to give the citrus growers what we say they earned, as opposed to giving them lip service that they own forty-one percent of that company, down from ninety-nine, and at that Saturday meeting if you had asked any citrus grower has he been better of with these shares and they will answer you no.  They have not seen any economic benefit.  So as I repeat there might be good initiatives for support but we need to be constructive in this regard but those shares and the disclosure of the CGA is of interest and after five years this is long enough time for us to sit down and discuss and put our financial house in order before we discuss going into 2017 by the grace of God.”

 

News Five has attempted to get a comment from C.E.O. Henry Anderson at the CGA, but up to news time, he was unavailable.

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