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Feb 13, 2017

Nationalized Utilities to be Sold Off for Budget Money?

At a press conference this afternoon, the P.U.P. also spoke of the party’s positions on various issues including the nationality rush prior to the 2012 elections. We will have that for you shortly, but the P.U.P. has revealed information of an alleged plan to cover up a deficit of two hundred million dollars and a further three hundred million in financing gaps in the 2017-2018 budget. A senior advisor to the PM is proposing to sell off the three utility companies nationalized in 2005 (Belize Water Services Limited), 2009 (Belize Telemedia Limited, and again in 2011), and 2011 (Belize Electricity Limited). The Government is said to be peddling shares in all three companies to investors, even contemplating putting the shares of all three companies in a single trust. But can it work? John Briceño says Social Security, such a loyal vassal of the Government in the past, is not on board.

 

John Briceño

John Briceño, P.U.P. Leader

“Interestingly enough, we got a copy of a notice, of a proposal that was presented by the Prime Minister, where they are talking about combining the three utilities, the shares that they own, and put it under one company, one trust, and then they want to sell these shares. I am told that they are trying to get – right now, as we speak, Social Security Board to buy – I am not sure if it is eleven million shares or eleven million dollars’ worth of shares, and I am told – I’ve been reliably informed, that the professionals that work for Social Security are not recommending that Social Security buy any more shares in B.T.L. And they are saying that because in 2009 they bought an amount of shares – at that time those shares were valued at over five dollars per share; at the end of their financial year they had to re-value those shares and now those shares are valued at under four dollars per year, so the Social Security Board, or we the people, because all of us pay into Social Security, already have losses in the millions of dollars in that purchase of B.T.L. Now what am I told according to this report that they are sending to the Prime Minister, is that they are trying to raise two hundred million dollars on these proceeds, from the selling of these shares to Belizeans. Actually, it would be interesting: what would happen if Mister Ashcroft would come to buy these shares? Because he is a Belizean; so will they say he can’t buy it, because who has two hundred million dollars in their pocket? And the Government is desperate, desperate for money.”

 

Due to the lateness of the announcement, we were unable to get confirmation on this proposal from the government. 

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1 Response for “Nationalized Utilities to be Sold Off for Budget Money?”

  1. Clue says:

    DAMN! CAN’T SAY I WILL TOOT MY OWN HORN. We Just talked about this just a few days ago. Again in his AROGANCE AND DICTATORIAL MODE, WIREBACK has put Belize in dire straits, Where are all the ignorant , illiterate Cruffy who were jumping up at the free food and liquor are at now? You see where this is heading? More poverty and more crime.. He should be criminally charged and removed from office. You want to talk about THEFT AND CONFLICT OF INTEREST? He, his law firm, his cronies , ex wife , son and niece reaped and raped millions from these deals. Now, who will have to pay back for this? Our discussion was to the fact that he will have to sell back to Ashcroft at an even lower rate now. He will still make money because you know he will make sure his law firm is involved. I hope UNCLE SAM is watching because I want them to seize their ill-gotten money they have in the US banks. I digress.

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