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Dec 13, 2010

Citrus Growers Association ready to squeeze out Henry Canton

There is another side to the coin to reports involving the financial footing of the Citrus Products of Belize Limited. Recently allegations were made by the Citrus Growers Association that CPBL has failed to turnover a profit under its present CEO, Dr. Henry Canton and that it had experienced losses of twenty-seven million dollars.  Following an announcement that CGA will hold an extraordinary meeting this Friday, Belize Citrus Mutual issued a press release on the viability of CPBL under Canton’s directorship.  Canton is credited for the revitalization of the company since taking over in 2003; however, CGA during the upcoming meeting will be seeking his removal.  In fact, it says that CPBL has been performing well financially over the past five years with the exception of 2009 and quite possibly 2010.

Furthermore, the release says that CPBL has been strengthened by strategic investments by Banks Holdings, which has roughly forty-seven percent of shares in the company.  Despite acknowledging consecutive losses, Belize Citrus Mutual contends that when taken as a whole CPBL has increased its net profit by thirteen million dollars over the last seven years.  Of that aggregate sum, a little over four million dollars have been paid out in dividends to CGA and  Orange Trust for fiscal years 2005/2006 and 2006/2007 while Banks Holdings chose to forego its shares.

Among the reasons Canton’s termination is being sought was his refusal to step down as chief executive officer along with former directors Mike Duncker and Frank Redmund when asked to do so over a year ago.   Canton also told News Five that the company’s shareholder’s equity has since doubled to ninety-seven million dollars from forty-eight million at the time he took over.  In light of that achievement Belize Citrus Mutual accedes that it is not an appropriate time to remove Canton from CPBL’s leadership.  Nonetheless, a committee of three including directors Denzil Jenkins, Rosella Zabaneh as well as a representative of Banks Holdings is considering a draft of the terms of agreement for the proposed new CEO.

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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2 Responses for “Citrus Growers Association ready to squeeze out Henry Canton”

  1. citrus picker says:

    Belize Mutual Needs to shut up and get their snouts out of other peoples business. They chose to remove themselves from CGA thereby removing any say they have in the business of CGA investment company. But since they are in bed with Canton, they want to support that he get to stay at CPBL. Mutual say that CGA received 4 million in dividends, I am not in a position to dispute that, but I can tell you Banks didn’t forgo anything. Those same people who are at mutual were running CGA at the time and their plan to kill off CGA was put in place. When that dividends was received they did not make any effort to pay off debts of the association…..most of which was incurred by buying the shares in the first place …….they chose instead to divide up the money amongst themselves. CGA is in financial problems because of the policies of these same people and then they ran and formed Citrus Mutual hoping CGA will fold so they could take over the majority shares in CPBL. But God no like ugly!!! Bye Bye Canton!!

  2. Earl Grey says:

    Belize could be making extra money…………….

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