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Aug 23, 2012

Prime Minister Dean Barrow speaks on contract with Hallmark Advisors

Dean Barrow

The prime minister later specified the terms of agreement, as well as the duration of a contract awarded to Hallmark Advisory Ltd., for which Mark Espat is believed to be the principal. According to PM Barrow, the services of Hallmark Advisory have been contracted for seven months and he says it’s value for money.

 

Dean Barrow

“Let me make clear Mr. Speaker that Hallmark Advisory has a seven-month contract with the Government of Belize.  This is not open ended, for seven months, and Hallmark Advisory Company, and you can go find out how many persons Hallmark employs, that’s a matter for you.  Hallmark Advisory is being paid at the rate of twenty thousand dollars per month for seven months.”

 

Michael Peyrefitte, Speaker of the House

“Members of the gallery, members of the gallery.”

 

Dean Barrow

“That’s a grand total of a hundred and forty thousand dollars for an enterprise, precisely, and you talk about not wanting the Cabinet, of course the Cabinet knows.  Look, for an enterprise of the magnitude of this debt restructuring exercise where we’re talking about one point one billion dollars that we must restructure because of this country having been unconscionably saddled with it by those on the other side. A hundred and forty thousand dollars to help us solve a one point one billion, with a B, problem.  I believe, but hold on, I believe that the people of this country will absolutely understand that that is a fair price to pay.  I will tell you as well Mr. Speaker, we’re also paying the advisors from abroad, both the lawyers and the financial advisors, we received, in fact, applications from people offering their services from several outfits.  We looked at each of them, we looked at what are the normal rates that apply for this kind of an exercise and it was on that basis that we made our selection.”

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13 Responses for “Prime Minister Dean Barrow speaks on contract with Hallmark Advisors”

  1. beachman says:

    twenty thousand dollars every month for seven months!! $140,000 for 7 months of work? No wonder we can’t pay our bills!

  2. Storm says:

    The question remains whether GOB talked with other consultants with actual track records of success in renegotiating similar bonds. Such companies exist.

    Whatever the price of the consultancy, it is imperative that it not fail — and so far, failure seems to be its imminent result. The lack of experience seems to have got it off to a very late and bad beginning. Such an important matter should never have been left to after the last minute and conducted by press releases instead of face-to-face, private reasoning and bargaining.

    Failure is really not an option if our children and grandchildren are to have a chance at prosperity during their lives.

  3. Uncle Benji says:

    Suckers! Again. Hallmark Advisory Ltd is a Houston, TX based company. However, the state of Texas cannot find them as being registered to do business in Texas. Perhaps a simple oversight?

    Hallmark Advisory Ltd. does not have a registered telephone number in Houston, TX. Perhaps the phone company forgot to include them in the phone book?

    Reginald D Aitch is supposedly the president of Hallmark Advisory Ltd, who also claims to be a dentist, and security guards recruiter and restaurant manager and…………… ripping Belizeans off.

    We have been conned again. Suckers! Suckers!

  4. Uncle Benji says:

    Ask Espat who is Reginald D. Aitch. Oh boy, the pussy cat is about to jump out of the bag. Run pussy, run. Uncle Benji di cum.

  5. Reel says:

    this is pay back for selling his seat, what is Espat academic qualifications let us start with that.

  6. belcali22 says:

    It’s amazing how the prime Minister and fomrer member of the PUPcontinues to be in cahoots, to rip off the Belizean public. I blame the country for continuously voting in these crooks over and over again, and then complain when they don’t help them. These people continue to fatten their pockets and show no regards for the poor and the under privileged communities. Based on the little that I have seen from this debate, the Prime Minister seems to be a very disrespectful person, who speaks to his peers as if they are his children. No respect Mr. Barrow, but when you continue to rip of your country that simply say that you do not know what the word respect means.

  7. Bzn says:

    But why nobody no di talk bout how we got into this situation in the first place????????????

  8. Rules Bound says:

    I hope Income Tax and GST are collecting whats due to Caesar from this very lucrative contract. Next time, Julius, please ask if Hallmark is paying taxes.

  9. Louis says:

    Bzn, we got into this situation in the first place because Barrow decided to nationalize the utilities without having the money to pay for them.

    This is why creditors are not going to agree to restructure the bonds on Barrow’s terms.

  10. Louis says:

    Bzn, also because Barrow wants Mark Espat to be the next PM of Belize. This restructuring serves as free publicity for Mark Espat, assuming that he can manage to convince creditors to create a new Superbond.

    If Mark Espat is successful renegotiating, he could be the next PM with the support of the UDP.

    If Mark Espat is not successful, he will be shown to the entire world as the utter failure that he actually is and the PUP will easily win next election.

    So this restructuring has more to do with Mark Espat’s future than about Superbond creditors.

  11. Me says:

    The true fact here is that mark espat is bieng paid as a minister to do the negotiotios for the people. its not like you should build a make believe company and charge extra for the job you are already paid for as a minister. this is how this creatures of the udp and pup have robbed this nation since independende day. Its time to jail all of them. creature barrow you deserve jail time.

  12. Bear says:

    Great analysis, Me. Lots of other good comments here today, too.

  13. Iniate says:

    SPLENDID IDEA LOUIS … … Mark becoming the next UPD PM of Belzie, ,, hmmm nice one. And it seems Mark has gotten a good pitch to make that home run too. Go Mark, you have a high goal to achieve and you got what it takes to proove it, an opportunity!!!

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