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Jun 28, 2011

Prime Minister speaks against package given to former B.E.L. executives

Dean Barrow

Turning to the other company that has been nationalized, that’s B.E.L. Chair of B.E.L., Rodwell Williams said on Monday that the financial package that the former Belize Electricity Limited Board executives were paid is estimated at two point seven million dollars. The Prime Minister has said that he believes that Lynn Young, the former C.E.O. of B.E.L., had no authority in dispensing a large sum to the group especially since the company is facing hard times.

Dean Barrow

“This is what they paid themselves. This is what Mr. Lynn Young paid himself and the other members of the executive management. What the chairman and the new board are saying, but Lynn Young had no authority. He paid these people on the basis that he had terminated them. If you resigned, you get a certain amount. If you are terminated, you get very much more.”

Jose Sanchez

“Some of them have been there like over thirty years or so.”

Dean Barrow

“No, no. But the point is whatever is your just entitlement; you get so much more if you’re terminated as opposed to if you resign. And Lynn Young purported to terminate the others at a time when he couldn’t do so in my respectful view, because only a board decision would have been able to effect a termination.  If the people wanted to leave on their own, then that would have amounted to resignation. It’s important because what I am saying whether its resignation or termination determines how much the payment can properly be. So if it was purported termination, but that termination was invalid, those people would have money to give back to the company. It was illegal in terms of termination. Lynn Young, as I understand it, got half a million dollars. I don’t know that there is anything is wrong with his compensation. I don’t think he purported to terminate himself. So he, I hope, (collected) took for himself what he took on the basis that that’s what he was due even for a resignation. I don’t know. We’d have to look at that but without more; I can’t quarrel with that even though it’s a huge amount. But I can certainly with his saying but I am terminating the others because then that bulks up their compensation package. And how can you terminate executive management without a board decision and without they having done anything wrong. So we think that is undoubtedly illegal.”

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10 Responses for “Prime Minister speaks against package given to former B.E.L. executives”

  1. Marie says:

    Sue them all and get it back for unjustly enriching themselves

  2. Elgin Martinez says:

    Why wasn’t Lynn Young and associates assets seized?

  3. Elgin Martinez says:

    Why so much focus on BEL when Belizean Citizens are been murdered daily.Maybe Barrow needs to put thesame energy that he puts into this BEL issue to fight crime.

  4. ABC says:

    They were going to be terminated anyway, Mr. Young was just smart. The only assets that need to be seized are Dean Barrow’s and his entire family and have him be sold in a slave market somewhere.

  5. The Educated One says:

    Some people are simply ignorant. “Sold in a slave market somewhere?” Come on people. Ignorance can be cured but stupidity is forever. Thank God for your ignorance…it can be cured!!!

    Now, I understand why Lynn did what he did and where the money came from. Lynn cleared that up. So, the funds are rightfully theirs. Cool. However, was the way they did it legal. Now , that’s the question. Were they fired. Did they resign. If they were fired was it legally done? If they resigned, why did they get so much money?

    So many questions…Isn’t there a By Laws or Articles of Operation for the Company that we can refer to, in order to get these questions answered? Maybe the Board didn’t have to terminate these employees (I don’t know why you’d give ONE such person the authority to do it, but you never know these days)…..Interesting!

  6. tekbackbelize says:

    “This modern criminal gang has to go” self interest. The dont care for the people but just themselves. This prime minister thinks the way his head is and his head turns. Deadline for tint removal – i wonder how much crime this will solve and how much more will start. This PM dont know a $#!% to manage a country……they all have to go……unless Belize is gone to the dogs….guess we might be better off under the guatemala

  7. consciousmama says:

    I do not know why people are huffing and puffing about Lynn Young. This is an exemplary belizean whose family taught him good morals, and our country by extension has his dad, as the Governor General. Decent Belizeans with dignity for a change in high places, shame on Dean Barrow. I mean this CEO spend hours unending like a damn working horse, harder than the damn Prime Minister, what the hell let the PM start to have head ache. How can he crush the hearts of real honest belizeans like this and I know this family is UDP, come on Dean where is your dignity and pride, the same people who tries for the country are the same ones you stab and crush, you are so cruel. They were so happy and optimistic when you became the PM. I personally know this family and it hurts. I do not blame Lynn HELLLLL NOOOOOOO!!!! If he was a thief he would have had police records to prove that over the years, absolutely no misdemearor or any other charges are affixed to his name in our country for this man. Go Lynn, take a bow, knock your chest, and be proud of yourself, you did not thief one god thing, what you took was what you rightfully and honorably deserve, it should have been me, I would compensate myself 2000% make no mistake. What the heck take that money and guess what if there are other fringe benefits, I mean run with it, I am reminding you just in case you forgot. You need me to help you, call me in NY.

    Dean is looking like he is sorry, what a callous man. If is was you, you would want to be adequately compensated. Live and let live, Mr. PM. I mean cost it what it may, resign, fire, damn ignite fire, hang on a tire, or fry in your fat, as long as I get my money I would not care a god damn, you know why, just like how Bin Laden was killed and it is no longer hitting the media waves, believe me this will be history in the blink of an eye, and I would cetainly be on a nice cruise, and the name Dean Barrow would be labelled all around the outside of my whisky glass. Hahahahahaahah!!!!!!!!!!!


    Go Lynn, and guess what, I do not care what the hell anyone have to say after I submit my comment. To hell with all the damn critics, and political dogma, absolute nonsense.

  8. Elgin Martinez says:

    Conciousmama:Lynn Young been the the son of the Governor General doesn’t make him an exemplary Belizean.The system in Belize is based on nepotism,Shyne was deported from the US as a felon and was appointed the Belizean Musical Ambassador.Does that makes him an exemplary Belizean Citizen?.

  9. KarmaCatchesCharmeleon says:

    No one is quarreling about the compensation that Lynn Young got: half a million dollars for 13 years of service as CEO of one of Belize’s largest and most important companies, on the face of it, appears reasonable. You can be sure that it’s not the only compensation he got. But that’s not the point of this comment.

    The first problem is that he terminated his executive management staff when they should have simply resigned if they did not wish to serve under a new majority owner.That is what everyone else has to do. Ask ordinary people who have had to resign from a company in the past how many of them were given the benefit of being terminated when they declared their intent to resign: only the very well-connected I am sure. And if as Lynn claimed in an interview on Channel 5 that the lion’s share of the compensation received by the terminated employees (over 65%) was what was due to them anyway from BEL’s pension plan, then why did he need to add more?

    The second problem is that all this resignation and termination happened on the Friday before the House sitting on Monday. So they jumped ship before the fight – as they were perceiving it – actually started; leaving all the employees to face what they were not prepared to face themselves. Get that PM? You had every reason to take over BEL, it was left to drift rudderless.

    Lynn Young may appear to be this reasonable, calm and upstanding citizen, but he is also all about himself “snake unda grass”. He chose to stay in the Fortis yacht not because it would have appeared dishonorable to have switched allegiances so quickly, but because it was more beneficial for him, because it would have been awkward for him to be in the Government’s dorey when he was collecting dividends from his stockholdings in Fortis. That is what it is. Granted he is no thief, and his family is respectable, and he has done much by way of contributing to the community. But he is about himself, always was. Belize just got to see it when he was finally cornered.

    And I am with you :consciousmama”, I do not care “what the hell anyone have to say after I submit my comment. To hell with all the damn critics, and political dogma, absolute nonsense”. Go Lynn. Begone.

  10. Roy Yates says:

    Mr Barrow Im sure you’ve heard that for every action there is equal or greater force of reaction; you Dean Barrow has put this action in motion and now you are grumbling about illegality, pat curse the kettle black. Unfortunately there will be more negative reaction as a result or you the smart one Borrow. You were involve in illegal activities from the first time your party was the government of the day. Remember the vehicles that you and your brother bought through dummy companies? When the heat came down on you Dean, your brother changed the color of his vehicle. You have open a bag of worms that will be hard to put back in the bag. Leave a sleeping dog alone.

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