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Jul 28, 2010

Mena Group of Companies go into receivership

There is dire economic news to report tonight. Sources close to News Five say that the Mena group of companies has been placed into receivership by its bankers.  The Fresh Catch Limited Belize, the tilapia farm which opened in 2002, was reportedly unable to remain sustainable and the company was defaulting in loan payments. Fresh Catch is estimated to have run into millions of dollars in debt with the FirstCaribbean Bank. The other Mena company, the more established Wood Depot, has also been affected by the economic downturn and similarly ran into financial troubles despite efforts to save it from the creditors. Aside from the heavy financial losses, hundreds of workers will be also joining the unemployment line. Fresh Catch was a multi-million dollar enterprise engineered by an Israeli Company with state of the art technology. It was originally financed by the Inter-American Investment Corporation, the Latin American Agri-Business Development Company, the Development Finance Corporation and the Mena family. According to sources in the business community, there are many other companies that are similarly sinking in debt. News Five was unable to get a comment from the Mena group.

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13 Responses for “Mena Group of Companies go into receivership”

  1. Bob Simpson says:

    On behalf of my country, the USA, I would like to apologize for the dumbocrats who started this whole implosion of the world economy.

    Had they not given home loans to people who, by any measure, were undeserving, this debocle would not have occurred.

    The moral of the story continues to be “you never get something for nothing.”

  2. compre97 says:

    DAYUM!!! crazy. how the ‘elite’ are humbled, and yet it will be the poor man who will suffer

  3. chuey says:

    If America, Europe, and Asia are struggling because of economics, why is it that Belizeans fail to comprehend that our little country is way, and I mean way down, on the totem pole of “solid, viable, economical principles, and practices……Belize has never ever had good leadership, and accountability, when they apply to money, development, and economics. The rich get richer, and the poor get poorer, it is what it is……..sugar, papaya, shrimp, fish, oranges, juice, coconuts, tourism, casinos, music, clothes, logging, chicle, oil (biggest JOKE of the Belizean Government)
    all are suffering due to lack of mismanagement and ignorance. Wake up mi gente, unite, stop this evil wedge of separation caused by politics. Start working with each other, instead of tearing down your neighbour, work with him. Look out for each other and we may just recover one day at a time. We must agrre, to disagree, and be agreeable!!!!!! Respect is where it is…
    There was a time in belize, when every kid had to be in school, the police would visit the parents and ask why a kid was absent from classes, our literacy scores were extremely high, and we were oh so proud of our students.
    Today’s kids and parents seem to have lost every last bastion of repect when they both find it OK and acceptable to visit a school campus only to physically and /or verbally assault our teachers!!!!…

  4. anonymous coward says:

    On behalf of the UDP I would like to apologize for politically victimizing the Mena group into bankrupcy. Let this be a clear reminder to the rest of you businessmen, if you ride with the BLUE.. we are coming for YOU

  5. Louisville Ky says:

    More dark clouds looming on the horizon………economically, It don’t look good folks. This means more hard times and much more crime. Excuse my ignorance but I thought that Tilapia farming was a viable business. Or….. was it poor management coupled with external market forces pressured and dictated by this global economy??? To say that it’s rough out there, is an understatement.
    The lost of hundreds of jobs could not have come at a worst time to the Belizean economy.

  6. macal rivera says:

    maybe the menas have to stop live reach, so they can survive, and rescue their companies,

  7. Magician says:

    “You never get something for nothing” might be true; but it would be assinine to blame home loans made to financially unqualified consumers for the world mess we are in. What a crap of horse … you sell, if that is your interpretation of things.

    Mena bit the dust due to poor business mangement and UDP government squeeze, Nothing more, nothing less. This Barrow administration is going down in the history books as a nepotistic, selfish, greedy, vindictive and inept government . Don’t worry Mr. Barrow, you can’t touch me for I am your shadow.

  8. Seriously! says:

    Voting is a right we should all be happy and proud to execute but none of the political parties have proven themselves to me to be worth my priviledge to vote for them.

  9. rod says:

    anonymous you da wa jackass no wonder belize is the way it is well guess what you wa start to do da eat dog soon remember what goes around comes around .

  10. Poor Woman says:

    Why play politics? Its the poor woman on the street who ends up with the shitty end of the stick. I assure, the Mena’s are by no means broke, their company is, and the bank is ensuring that they get their money. It is the poor working man and woman who are left without their job. Its a shame that our labour laws are not able to protect us, our Minister of Labour is consumed by greed and our Prime Minister needs a break. We Belizeans need to stand up for ourselves and stop playing stupid political games.

  11. Liza says:

    For years Belize has thrived on political corruption, nepotism and monopolies. All ‘good’ things come to an end.

  12. Daisy says:

    Well, I am pretty sure the Menas are going to be alright, because I know that God´s always protecting his good children.

  13. Elgin Martinez says:

    Mek Dean Barrow give them wah bail out with the money weh Zenaida thief.

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