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Feb 9, 2011

Banco Atlantida wants to buy Belize Sugar Industry

The Sugar Cane Industry is at a virtual standstill tonight because the Belize Sugar Industry Factory is inoperable due to failed machinery at the BELCOGEN Plant.  The international lending organizations were ready to pull the plug at B.S.I., but government granted a ten million dollar bailout loan to keep the factory open. Well now, the factory will be shut down for the next few weeks. News Five asked the P.M. for an update on Banco Atlantida which was expected to take over B.S.I.’s First Caribbean and IMG debts. Well according to the P.M., after visiting the factory, the bank wants to do more than simply finance, they want to buy B.S.I.

Dean Barrow

Dean Barrow

“Banco Atlantida, the last meeting I had with them when we discussed as well the palm oil project, was maybe two three weeks ago, they want to do more than finance. They want to buy the sugar factory. Now that’s a whole ‘nother story. The majority of shares in that factory are owned by an employee’s trust. I don’t know what will happen if Banco Atlantida pursues its interests in purchasing the factory. They had done a detailed tour of B.S.I.—they had done a detail examination of the industry. They made a couple of trips and they brought people from Central American Sugar Manufacturers Association and they felt, at least in terms of what they expressed to me, that the factory was worth purchasing. This setback, I believe, is genuinely an act of God. I don’t think, I’m no expert, but I am hazarding a guess, I don’t see there is any negligence on the part of B.S.I. And so anybody who is investing in commodities knows the volatility of that sort of an investment and anybody who is investing in a factory knows that breakdowns are liable to happen. We can’t wish away the fact of this breakdown and the effect it has on the crop. We can’t wish away the effect it potentially has on financiers. The fact that they might want to look a little bit more closely at the prospect, but in my view it’s not going to turn any potential financier away.”

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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8 Responses for “Banco Atlantida wants to buy Belize Sugar Industry”

  1. corf says:

    Right up Dean Barrow’s alley.I’m surprised Belize still own BSI cause we know how the king of selling goh.

  2. BZNinCALI says:

    Someone wants to buy the place… the equipment stops working. Where was the equipment stolen from last year?. Maybe the farmers would like to have a little more say & share in the profits in good years which is not an option when they are working for someone else?.

  3. Josie says:

    Let them buy it if they can operate it and the farmers are paid timely and paid a fair salary

  4. cindy says:

    If Belizeans dont watch Barrow will sell their @$$ too. come on every one knows the story of BSI it cant be sold

  5. Justice says:

    Bad move to sell. Look at BTL, look at the Port authority. Wonder which family member has shares in banca Atlantida or whose pocket will be heavier after?
    But our dear PM has one view and to the detriment of the country. BSI is for Belizeans and should remain that way! But then who will eventually own Belize?

  6. Hardworking Belizean says:

    Do not be surprised if the PM does intervene and allows Banco Atlantida to buy over BSI!!! “Imagine the possibilities” right! Who will be the sacrificial goats in this ball game…our hardworking canefarmers! Sadly there is no one to stand up and fight for them worst yet, advise or direct them on the best path to choose. The so called “Representatives” in the Canefarmers’ Assoc. & Sugar Industry Control Board just get in there to fill their pockets and to hell with the poor Canefarmers!! Our opposition Leader is like the sleeping giant, you don’t see or hear from him in all the sense of the words! Looks as if we will continue to punish another 5 years in 2013 under this no good and nepotistic government…Belizeans do not be surprised if that does occur as our opposition leader appears to be immune, mute, deaf & blind to all the riduculousness being imposed and shoved down our throats!!! Pray my dear Belizean people, pray sincerely to our Lord that He may show us at least a dim light at the end of this dark, obscure & seemingly neverending tunnel!!!

  7. Ramon Cervantes says:

    Don’t even think about Dean! What GOB should do is nationalize BSI and then sell it to the farmers and employees according to their contribution to the industry. In the case of the farmers it should be according to their sugar cane production and deliveries, such as 1 share of ownership per ton delivered. In the case of the workers, it should be according to a matrix of their years of employment, their type of work, their present hours of work and other measures of their contribution to the industry. This is the time for Barrow to show his self-proclaimed nationalism. Go for it Dean! Nationalize BSI and then turn over ownership to the farmers, workers and contributors to the sugar industry. Don’t sell us out, again!

  8. cobbie says:

    Politicians just care in ripping off any amount there is. Put the right person to operate this business instead of having those corrupted politicians all over.

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