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Mar 26, 2014

Did Jose Marin drag his heels on disbursing a large loan to C.E.O. Colin Young?

March twenty-first was Jose Marin’s last day as Managing Director of the newly minted National Bank of Belize. The career banker was hired and flaunted as the integrity figurehead of the bank. The worst fear of a skeptical public was that the bank would be used as a political grab-tub, and Marin should have been the bastion of prudential financial management, the guardian of the gates. But indications are that Marin guarded those gates a little too zealously, and six months after the fanfare, he was unceremoniously removed. While there is certainly much more to his departure than meets the eye, the proverbial straw seems to be a loan to Ministry of Energy’s C.E.O. Colin Young. Marin was allegedly dragging his heels on disbursing a large loan to C.E.O. Young. Young’s boss is Minister of Energy Joy Grant, who is the Chair of the board of Directors of the bank. Today, News Five came right out and asked C.E.O. Colin Young about it.

 

Colin Young, C.E.O., Ministry of Energy

“I don’t know the details of what he said, but what I will say is I can categorically deny any such thing. You can, any additional information, get from the bank. The bank has internal processes that are set up and those processes were followed in every instance. So I suggest that information can be gathered from the bank. But I categorically deny any culpability that was alleged by Mister Marin.”

 

Mike Rudon

Colin Young

“Sir in the beginning when the bank was set up, the purpose as stated by everybody, up to the director, Miss Grant, was that it would serve lower, middle-income Belizeans, public officers, teachers. Do you class yourself or categorize yourself as a lower middle-income Belizeans? You are a C.E.O.  The understanding was that it wasn’t for the upper echelon of officers in government.”

 

Colin Young

“Well my understanding is that while the bank has a facility that will target people that are quote, unquote, lower income or middle income, the bank also has a facility to ask, for other Belizeans to access including things likes vehicle loans, including things like refinancing of mortgage; including things like business loans that are significantly larger than the initial ceiling. If you would recall the bank had an initial ceiling; that ceiling was raised. But again I suggest that you contact someone from the National Bank for them to explain to you how their portfolio works. But it is a national bank and the national bank, of course the prime minister said that there is a focus on a particular group of Belizeans in terms of the income, but there is also a facility for other Belizeans to access as long as they meet all the criteria and requirements.”

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5 Responses for “Did Jose Marin drag his heels on disbursing a large loan to C.E.O. Colin Young?”

  1. I Belize Ali Babarrow is the head thief says:

    sounds like Colin Young is solid forty, he needs more money with oil about to be stolen like the russian construction money.

    When does Ali’s nephew announce his big oil find? The whole immediate family of Ali must be waiting for some of that honest money to arrive.

  2. Rod says:

    He was fired so they could give a black the job plain and simple and it doesn’t matter which black as long as the person is black this racist war going on in Belize is getting worse and worse and all a unu Spanish Betta wake up and remember when voting time comes around.

  3. Rafael says:

    Colin a shame and disgrace who shows the real UDPs abuse a system developed specifically to help the poor. What a disgrace of using his influence and status as CEo to rob the system!

  4. sickntired says:

    Hush Rod. Some a we black people like the discrimination cause we got fi benefit. Mek the spanish satisfy themselves with the two dollars and shillings dat vega and contreras throw at them for di votes. A pity i da no one a di rolex crew though so i have to settle fi bruk rock but hey whatever as longas i could buy mi ramen soup and maybe once a year a bit of sausage and sardine and corn beef.

  5. observer says:

    When I visited the National Bank with the exact same concept as Colin Young did, that is “….. the bank also has a facility to ask, for other Belizeans to access including things likes vehicle loans, including things like refinancing of mortgage; …” I was told that the bank is facilitating first time home owners, public servants, teachers, “low-income” persons. I was flatly denied my loan request.

    Interestingly though he plays the same cards as the Penner fiasco. I quote “The bank has internal processes that are set up and those processes were followed in every instance.” Seems if the “process” is followed correctly there is no reason ANY Belizean should not be given a loan of ANY size. People go get your money and just ensure “the process” is followed!

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