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Nov 17, 2011

Citrus Growers (some) will get paid

It appears that there is a temporary solution to the ongoing financial crisis at Citrus Products Belize Limited.  On Wednesday’s newscast we reported that the management of CPBL was unable to meet its full fruit payout which was due today.  Of the seventy-six farmers who turn in fruit to the company, C.E.O. Dr. Henry Canton says that eleven of the major growers have opted to have their payments delayed in order to accommodate the remaining sixty-five smaller growers.  According to Canton, CPBL has forwarded documents to its parent company Citrus Growers Association for endorsement by its directors in order to withdraw two million US dollars necessary for payout.  CGA’s directors did not sign the documents leaving CPBL severely cash strapped. By Tuesday however, after the CPBL completes the required procedures, the money will be released by the bank.

Dr. Henry Canton, C.E.O., Citrus Products Belize Ltd.

Henry Canton

“For this week, the way its set to fall out is that we had seventy-six growers that were on the payroll and out of those seventy-six, eleven growers will not receive payments. The eleven growers are growers that delivered more than fifteen thousand dollars of fruits within that period. So sixty five growers, which are the smaller growers, will receive payment. And the eleven growers will not receive payment.”

Isani Cayetano

“Has the CGA directors signed on to the banking documents in order for this to go through? I know I was reading yesterday that four of Banks Holding directors have signed the documents but the remaining five of CGAs have not.”

Dr. Henry Canton

“Yeah we just got a call probably like forty-five minutes ago saying that they were signing. The Chief Financial of CPBL, Mister Herrera went down there with the team to make sure that the documents are signed and he will bring them back to the company this evening. I will take them up to Belize tomorrow to pass them through the legal walk—which is through Barrow and Williams; the company’s legal firm and through the bank, FCIB’s firm to make sure that everything is in order. So we suspect by the middle of next week when payrolls are ready again that we will have the available funding for the growers.”

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Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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2 Responses for “Citrus Growers (some) will get paid”

  1. Storm says:

    Too many industry organizations in Belize seem to have money shortages every year. GOB MUST REQUIRE PUBLIC AUDITS OF THEIR ACCOUNTS EVERY YEAR.

    And misappropriation / theft must be p8unished by PRISON and confiscation of property. Crime must not be allowed to pay in the Jewel!

    I don’t care how “well-born” or high and mighty a thief is, he’s still a thief, a sinner, and a criminal. And he must be punished.

  2. Bulba Martinez says:

    Storm, I totally agree with you but, “By their fruits yee shall know them”. The can of Worms is open now my friend. We use to hafto tek we wi get and di beat still di gohwan. Only dat wi all di seet now!!. The Truth Shall Set Us Free.

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