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Feb 25, 2011

P.M. concerned that litigation against B.N.E.’s parent company could affect revenues

Tony Quinn

Tony Quinn is the fitness guru and a director of Belize Natural Energy’s parent company, International Natural Energy. Quinn has been in and out of the courts because I.N.E. has not been paying dividends to shareholders since 2005. Quinn was found to be in breach of his fiduciary responsibilities and ordered to purchase minority shares from Maranco LLC, which filed the suit against him and the oil company. The amount of damages he ends up paying will depend on an independent valuation of Maranco’s shares. Following the latest round of legal action against the Irish owned company, an article in the Irish Times says that Prime Minister Dean Barrow has intervened.  The Irish Times reports that the PM is concerned that the litigation could disrupt oil production and revenues to Belize. According to the article, Barrow is calling on B.N.E. to take any necessary steps to prevent that from happening. I.N.E. is said to have has earned hundreds of millions of euro in revenues through B.N.E. since 2005. Susan Morrice, another director, was also sued along with Quinn and I.N.E.

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7 Responses for “P.M. concerned that litigation against B.N.E.’s parent company could affect revenues”

  1. Josie says:

    This is what happened when you have foreigners enter your country with greed and the know all attitude. Now PM is worried that the litigation will affect BNE?? I am not a lawyer but I don’t think it will. This guy needs to pay up and stop bleeding Belize

  2. rod says:

    useless pm useless.

  3. Bruce says:

    There is NO lack of greed in the world!!!!!!!!!!!!!!!!!!!!!!!!!!!!

  4. NEDAL MCLAREN says:

    all this proves is we should nationalize the oil, and if not shut the whole country down. we gonna have cheaper energy or we close the wells down , we gonna have free education up to our first degree. as is it only benefiting foreigners, and our prime minister who has become the govonor for the US and canada, cheveron and esso, has totally neglected the country. the sole purpose why the kick een price was just above 90$ is because this is how the oil countries leaders crook their people with stealing the country oil monies. BNE started buying oil at 23$ per barrel, and making millions off our blood, and our political leaders if fine with that, whilst the country bleed? they are also involved in the scam against the people./

  5. Lem says:

    hm mm.and that’s because they underpaying their employees.you have to be a Ryan or Gutieerez to be getting big bucks

  6. BZNinCALI says:

    Everyone benefits but the Belizeans who need it most. I often wonder how many of these people actually walked in with big money that they invested & how many BSed their way into Prime Properties & Industries & has bled & continued to bleed the country because we are suckers for color. Let them sue whomever they had a deal with. Explain to us how a foreign court can halt or slow oil production while this drags out. We need the revenues & as high as oil prices are right now, along with the shaky Irish economy everyone wants their piece of the pie.

  7. Nigel says:

    What revenues??? Oh Mr. Prime Minister, you know you are only concerned about the lost of your revenues because I think everyone knows by now that BNE has the Government in thier pocket. Go ask all the jobless and overly impoverished people of this country how they have benefited so far from the massive revenues that seem to keep them hungry and go ask the middle class people (if there is any more left) how they feel about now starting to not being able to afford eat with all the money from our natural heritage in thier pockets. But before you do wash the residue of the steak and lobster off your mouth as that would just add insult to injury.

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