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Sep 19, 2013

Cano says SIF is not responsible to compensate investors

The contention is that SIF never entered into a contractual arrangement with financiers, Lyndon Bailey or Gush and Emy Ramirez; therefore, the agency is not responsible for compensating them for losses incurred as a result of the project’s failure.  Notwithstanding, a written letter from Project Manager, Ernest Raymond, to Scotia Bank confirming that a payment would be made to investor, Emy Gilharry Ramirez. Cano says that it was a procedure being followed to secure funding for the continuation of the project.


Isani Cayetano

“With regards to the Dangriga Market Project, SIF and most recently the Minister of State in the Ministry of Finance and Economic Development have come forward to say that the contract was not one that was struck between SIF, Gush and Emy and Lyndon Bailey, it was with Kenard Smart on behalf of K&G Construction Ltd.  However, there is communication between SIF and Scotia Bank with regards to a tranche of payment that was due to Emy Ramirez, as a result of her involvement in the project.  How can this be explained?”


Daniel Cano, Former Exec. Dir., Social Investment Fund

Daniel Cano

“The financiers have to answer to their financiers as well and they would have more than likely, and I was not involved in that particular correspondence, but more than likely what happened is that the financiers’ bank called asking about a payment because clearly they are financing and between May and August there were no payments.  Work was not progressing at a pace for there to be any significant payment.  So, more than likely the bank called the financier and asked about the status of a payment which, at that time a claim had been submitted and we would have responded to the financier that indeed a claim was being processed and that shortly a payment would be made once everything was certified properly.  So it is my belief that that exactly was the case, the financier asked to put this in writing so that I can show my financier where we are.”


Isani Cayetano

“And that does not acknowledge the fact that Gush and Emy were then formally on board with this particular project?”


Daniel Cano

“That is an opinion that I would have to give that perhaps I am not qualified to give.  I think that is something for legal experts to speak on.”

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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