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Jul 1, 2011

B.E.L. owes millions to BELCOGEN

Belize Electricity Limited was acquired by the government last Monday when the government declared it wanted to prevent blackouts since the company was bankrupt and unable to meet payments to suppliers. At the time, the Prime Minister singled out BELCOGEN saying that one of the “tipping points” for B.E.L.’s acquisition was because a debt to BELCOGEN which is a creature exclusively for the production of electricity to be sold to  B.E.L.

Since payments were not being made, the PM advanced that the debt of five point one million dollars would cause BELCOGEN to collapse and the only way to avert that was for government to be in charge of making those payments. The P.M. also said that B.E.L. had not paid BECOL a debt of twelve million dollars. In tandem the P.U.C. threatened that it would pull the plug on B.E.L. for one point eight million dollars. Well, we did a quick check today in regards to the twenty-seven million dollars that B.E.L., owes to the three. We learnt they haven’t been paid and they haven’t collapsed. As to the payment due to the Comission Federal de Mexico of eight million dollars, latest word is that it has also not been met but that next week, government’s point man former Prime Minister  Manuel Esquivel, will begin meetings with the C.F.E.

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