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Jun 10, 2013

Government appropriates shipping company

Late this evening, government announced a third round of nationalization. In a short and bare press release, the government announced it is taking over the management services agreement with Belize International Services Limited (B.I.S.L.) to manage the International Business Companies Registry and the International Merchant Marine Registry of Belize (IMMARBE). IMMARBE and the I.B.C. registry have been privately and profitably run since 1991. The government is likely to justify its takeover for the blacklisting of Belize by the European Commission for illegal, unreported and unregulated fishing by international vessels known to fly the Belizean flag. But in an economy that has been shelled by serial nationalizations since 2009, this latest move is bound to cause investor confidence to further plummet. It will also certainly unleash another round of expensive litigation and increase government liability for companies which they nationalized including Belize Telemedia Limited and Belize Electricity Limited for which compensation has not been paid to its previous owners. The short government release says that it assumes control of the two registries on Tuesday which means that private ownership of the two registries comes to an end today. The Prime Minister will brief the media on Wednesday.

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10 Responses for “Government appropriates shipping company”

  1. Rod says:

    This man cannot even take care of the babies in this country and now he want s to go mess something else up just another area where he and his ministers can pocket more money people people enough is enough how much devastation are you going to endure.

  2. Simone says:

    about time-another PUP accomodation agreement came to an end-they gave aschcroft to milk us and it remained largely hidden but immense profit to only the lawyers and accountants while the staff became little demigods doing as they please with interpretation as they saw fit and unilateral. Hope they now don’t become pepitos eating slow working government public service now.

  3. Simple Simon says:

    Just another CASH COW for CORRUPT POLITICIANS and their lackeys to milk. Belize or Belize ans will NEVER SEE ANY BENEFIT from this latest ABUSIVE Move from PM BARROW no doubt his BROTHER will collect a few millions from this also when this mess ends up in Court and Belize-an TAX PAYERS SHAFTED when DAMAGES are AWARDED.

  4. nationview says:

    This man is really hurting Belize. Just another ignorant move.

  5. The Dumb Guy says:

    You need anger management classes Rod. PUP, UDP, this government, that government, crocodile, rottweiler, oranges, apples … who cares. REALLY …. WHICH IS BETTER????

  6. Maverick says:

    Wait-a-minute!! GOB made a decision to not renew a contract that has expired and you call that a nationalization? I don’t buy that one. This is by no means a take-over, this is a change in a contract for a service that was contracted out for a specific period of time. The companies that had that contract are free to seek other contract work. GOB did a similar thing with BELIPO and that has not eroded investor confidence, but was in fact applauded by the private sector and civil society. Now the only claim will be that the Musa letter should be validated, but then again, GOB made it clear that it will not honour secret contracts that were not disclosed. How do we know that this was not just signed and backdated a week ago. They sat on this for over 5 years? Really?

  7. Nigel says:

    @The Dumb Guy, I think what rod the racist needs is for his handlers to take away his computer and lock him back up in his cage. He is making them look bad and making an a$$ of himself. He probably can’t even comprehend what the news item is about, he only knows that his handlers tell him to hate the government and no rod before you accuse me of being pro “Judas Barrow” I will shock your mind and tell you that a person can be non partisan and no rod it has nothing to do with an actual party. Had to make that last part clear before you think I don’t like birthday parties etc. The problem with rod is that he types sentences that makes him feel like a genius and maybe he shows them to his family members or friends and they encourage him because they know how hard he has it being mentally challenged and all. To rod the racist family and friends… Please don’t encourage him you are not helping him you are infact making him more retarded because he now believes he is becoming smart by stringing together incoherent sentences. Rod take it from me, you may as well join the udp as well because they are the monkey to your black dog of a political party. Small words for rod they are both the same just different handlers.

  8. El Rey says:

    Just another silly move by a stupid politician. Someone like GIV Ltd. will make millions.

  9. Rod says:

    Nigel every time you open your big mouth you remind me that their are truly some dumb belizeans but thank god you all live in in the USA please stay there don’t ever come back and please don’t vote again for you are the armpit of this country please stay in the USA u moronic idiot.

  10. Belizean says:

    How much of the money made by the registries actually stay in Belize. Most Belizeans that work there are only paper pushers and very few of them actually benefit. I hope GOB does the responsible things and run these registries as profitable business and not put incompetent people to run them. Hopefully we can make money to fix our hospitals.. instead of having our monies siphoned to panama or private individuals bank accounts.

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