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Jul 22, 2019

Can G.O.B. Prevent a ‘Sanctuary Bay Scam’ Reoccurrence?

Dean Barrow

The multimillion-dollar Sanctuary Bay real estate scam is the biggest scam that the F.T.C. has investigated. It has certainly scared off future foreign investors and forced Atlantic International Bank Limited to fold.  The scam has given Belize an international black eye.  In order to prevent such reoccurrence, the PM says that a consumer protection entity along the lines of the F.T.C. needs to be created.

 

On the Phone: Prime Minister Dean Barrow

“Basically I am telling you that we can maybe set up some sort of consumer protection agency along the lines of the F.T.C. if we have the money and personnel to do that. But when you speak about prevention, how will you ever prevent that sort of thing? That happens every day. You can find a hundred Belizeans now who would have paid somebody, as I said, to build a house but the thing is delayed. You can find a hundred Belizeans who would have paid somebody and maybe an installment for the conveyance for a piece of property and the seller did not convey the piece of property. That kind of civil quarrel happens every time. I’m sorry, all of the time and there is just no way you will prevent that. Once there is commercial traffic, commercial intercourse, interaction between human beings you will always have people who do not deliver on their obligations resulting in lawsuits and litigation.”


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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