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Jun 13, 2017

B.S.I., Cane Farmers Settle Molasses Pay-Out

Almost a year ago, Belize Sugar Industries Limited lost over two thousand, six hundred tons of molasses due to a first-of-its-kind Maillard Reaction inside its tanks at Tower Hill. The initial loss had been closer to four thousand tons but about a third was eventually recovered. The company attempted to have the Belize Sugar Cane Farmers Association’s members shoulder sixty-five percent of the loss of revenue, which prompted two protests in as many weeks outside the B.S.I. compound.  But the news tonight is that the two sides have reached an amicable agreement in which the parties agree that neither side has liability for the loss of molasses.  The Association submitted a claim for its share and B.S.I. agreed to compensation of one hundred and one thousand, eight hundred and twenty dollars. The payments are to be made within two weeks of the signing of the agreement, with six percent interest from November seventh, 2016 up to the date of payment.

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