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Jan 11, 2012

Barrow says C.E.O.’s name not considered for write-off

Dean Barrow

On Tuesday the People’s United Party issued a release which pointed fingers at the senior management of S.S.B., including C.E.O. Merlene Bailey whom it said is part of the insider trading scheme.  Sources close to News Five confirmed today that at the board meeting, it was disclosed that Bailey had reduced her loan to qualify in the write-off.  But P.M. Barrow says that Bailey’s name is not up for consideration for debt forgiveness.

Dean Barrow

“Mrs. Bailey has confirmed to me that she is not proposing her name for even any kind of consideration in terms of whatever might be the board decision with respect to persons who did that.  So I would leave it there.  She says she is not in the mix at all in terms of the decision the S.S.B. board will have to make today with respect to persons who might have paid down.  Nobody who paid down after I in fact concluded the deal or who paid down in contemplation of my concluding the deal will be allowed to get on that list.  If spaces have opened up in the normal course then S.S.B. would have to come back to the government as to who it is that the government would want to slot into those spaces.  If spaces have not opened up or there is an excess of persons having paid down now over spaces that have opened up the only those persons could get on that list is if S.S.B. wrote off their loans because government is not going to write it off.  Government has paid 6.9 [million dollars] and that’s where it stands so it really is an internal matter for S.S.B. and I’m saying that it is my understanding and we’ll know more clearly at the end of the meeting today that S.S.B. is itself not going to spend a penny to put anybody into the write-off category because S.S.B. would have to pay for any such person.”

According to our sources, the board had recommended that Bailey be fired, but the Chair of the Board, Lois Young, fought against her termination.

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11 Responses for “Barrow says C.E.O.’s name not considered for write-off”

  1. Lucas says:

    Bailey may have been excluded after their rotten scheme was uncovered. However, I strongly believe that the list may contain other high profile UDPs. Therefore, as a taxpayer, I demand that list be made public and as a Belizean, I empower Senor Francisco Fonseca to do so on Friday in the House of Representatives..

  2. Rod says:

    If you want more of the same murders rapes corruption please vote udp vote for barrow if you want more murders rapes and corruption corruption corruption remember for murders vote udp vote barrow.

  3. UDP says:

    CALL the elctions hurry hanarable Prime Minister, the house of cards is falling quickly!!!!

  4. Elgin Martinez says:

    Merlene need to stop watching American Greed.

  5. subKonshus says:

    Its obvious Miss Bailey reduced her balance to qualify for the write off, because no one in their right mind would get a loan at a higher interest rate to pay off a portion of a loan with a lower interest rate. As the CEO she already get a lot of perks on the side. But as they say, “Greedy puppy always choke”. Remember when she was on the so called Commission of Inquiry about monies at DFC, “sweating” Novelo’s and Print Belize and other people. It shows that she is no different than those whom she judged. Thats why God should be the only judge….because man is always corrupt. Any way Miss Bailey, I’m sure I’ll see in church Sunday!!!

  6. John Doe says:

    PM should present a legislation which forces lending institutions to lower interest rates on existing loans instead of his “loan write off”.

    Why? Because he will reach out to more Belizeans that are struggling to meet house mortgages and are loosing their homes. Read the newspapers you will see how many houses are for sale by banks.

  7. John Doe says:

    PM, please cancel that whole stupid idea of the loans write off and propose legislation to force banks to drop interest rates to 8% instead. Wont cost government and our SSB contributions will be safe.

    This will benefit more Belizeans who are paying exhuberant and ridiculous rates on housing loans.

  8. Bulba Martinez says:

    To UDP, ih done screw up the country and the Party big time. Now ih cud goh an live happily every afta mih fren.

  9. Orlando says:

    List approved since September should be published in the gazette and or public newspapers for public information. Bet there are people on that list that have good jobs and could pay their loans if they wanted too or that own 2 or 3 houses while defaulting on their soc. sec. loan. This culture of irresponsibility and depending on hand outs and write offs has to stop. We are not helping when we offer these programs, we are enriching a bad culture.

  10. dodobird says:

    dean barrow CORRUPT, he no good for Belize,so mr barrow may d talk about transparency and accountability,where is it? the UDP no done anything good ina fi we country they have to goooooooooo.

  11. JahBless says:

    Well i guess its time we vote the PUP back in to power”””””’ But hold them da no the sameone who run Belize in to the ground 1998-2008 am i right dodbird?

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