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Sep 2, 2015

Opposition Leader Raises the Ire of P.M. Barrow, Legal Expertise Called to Question

Those comments by Fonseca drew a very heated response from Prime Minister Dean Barrow. He says that those wrongheaded assertions by the Leader of the Opposition are exactly why he would never hire Fonseca for his legal expertise.


Dean Barrow, Prime Minister

 “He said we’re also not charging any tax to Fortis for the seventy million dollars that we are paying them. Man even that loud mouth junior grade lawyer of the distaff persuasion will know Mister Speaker. This is before the courts, this is by way of compensation; compensation does not attract taxes fools. And they said again the transfer of the shares to Fortis; no stamp duty is being paid. Man, if you give back the people something that they had, how on earth will the stamp duty arise and even if it arose, it is the government that is paying stamp duty. Government wahn charge themselves stamp duty? It really is nonsense placed upon stilts. Foreign exchange that they require a foreign exchange permit we are just sending the money to their account offshore. This is a foreign company where else are we going to send it. And then again it is the government, you get a foreign exchange permit when you are a business person, once you are an operator in this economy and you want to send foreign exchange abroad. This is government where basically through the Central Bank own all the foreign exchange. We don’t need any permit to send foreign exchange by way of a payout what is a dispute settlement. And again why I could never hire the leader of the opposition, he totally misunderstands the actions, he is confusing the four years and the two years, what the put options says is that if we and Fortis don’t get along after four years, they have to give it a chance to work, and I am sure it will work but life being what it is, after four years they can say man we have had enough, buy us back out. And this is what again makes it such a good deal, we pay for it of course at the market value. You know what Fortis was first proposing? That if they exercise the put option that they will buy back the shares at whichever is the higher of two values the book value then obtaining or the book value now. As it were hedging against the fact that the company that has done phenomenally well may have a reversal of fortune, I don’t think so and we said no we will pay you if you exercise the put option in four years time what it is worth then. You must take the risk as we do that the company may not be as profitable in four years time as it is now. So again Mr. Speaker we have protected ourselves and Fortis accepted that when they, if they exercise the put option, the shares automatically comes back to us. But this is where he got confused with the four years and two years, they can’t do it after four years and when they do it, we don’t have to pay them for two years after we get back the shares.”

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1 Response for “Opposition Leader Raises the Ire of P.M. Barrow, Legal Expertise Called to Question”

  1. Ricky Malthus says:

    Here we go again, Barrow making ad hominem attacks when he is wrong . That is what we do, a common human failing. So now Barrow is trying to further fool the fool-fool Belizeans about his original stupid nationalism act of seizing BEL by making it a riddle wrapped in a mystery inside an enigma a la Winston Churchill. Barrow is a snail brain.

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