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Dec 4, 2009

BCB has not attempted to wind up Telemedia

Story PictureThe developments in the telecom industry resulting from the expropriation of Telemedia topped the headlines all week. The high point came via a press release from Telemedia declaring that the British Caribbean Bank intends to wind up the company. This assertion was on Monday following a press conference by Telemedia and that’s where we pick up tonight. The government controlled company which is also claiming the loan to the bank is illegal, used adjectives such as bizarre and called it an abuse of process. But what is the Bank’s take and what are its options. News Five spoke today to the Bank’s attorney, Eamon Courtenay.

Eamon Courtenay, Attorney
“I don’t know what Telemedia is trying to say when they issue that type of press release. What has happened is that the bank has written to Telemedia making demand for the payment of the money which it loaned to Telemedia and which Telemedia has not repaid. Under the Company’s Act, it provides that if you do not pay back money after twenty-one days had passed, after a demand has been made, then the creditor, in this case the bank, can choose to apply to the court to wind up the company. Again, this is an option that is available to every creditor in Belize, to every bank in Belize. If money is owed to you, you can sue for the debt, you can wind up a company, you can sell its assets, you can foreclose on property; all of these things are options. The law provides for it. Now for Telemedia to say because the bank is preparing itself to exercise one of the options which the law gives to it and describe it as absurd and bizarre, begs the question whether there is a new law for Telemedia that is applicable only to Telemedia. There are applications to wind up other companies in Belize that are ongoing right now and I don’t see anyone issuing press releases saying that is absurd and bizarre. Why are there different rules for Telemedia?”

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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