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Oct 21, 2011

NERA appraises B.T.L. and B.E.L. for government

Dean Barrow

At the heart of the ninth amendment is the nationalization of Telemedia. The company was acquired twice by the government, which has now entrenched its ownership in the constitution. Compensation, however, has not been paid to its previous owners. Barrow told the House today that he had acquired an economic consulting firm, NERA, to value the company. The figure he puts to Telemedia is surely to lead to even more litigation.

Dean Barrow

“We contracted a firm from abroad; absolutely top rate, first class professional valuers to do the valuation—the name of the firm is NERA. And I wah tell you how good they are. When we acquired from FORTIS, who you think FORTIS gone to do the evaluation on their behalf? NERA. NERA told them sorry government done hire we. So we hired them for both the Telemedia and the B.E.L. valuation. That three hundred million that Ashcroft is talking about; let me tell you what NERA valuation is. NERA professional as they are, said there are two scenarios. Remember the twenty-five million U.S. dollars the B.T.L. borrowed from Ashcroft’s Belize Bank that when they went to try and refinanced under us, First Caribbean have told us that that loan is illegal. In the event the court finds that the loan in illegal, it affect the valuation. So NERA has given two valuations: one fi the loan is illegal; one if the loan is not illegal. Let me tell you what the lower valuation is if you have to take into account paying back that loan; seventy-one point three million dollars. That is what NERA said B.T.L. worth. And if you don’t include that loan then it goes up to a hundred and sixteen point four million dollars.”

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