Net Vasquez Estate Says Vasquez’s BTL Debt is Repaid in Full

Net Vasquez

In November of 2020, the Belize Communications Workers Union called for former Belize Telemedia Chairman, Net Vasquez to repay every cent that he misused while he held that post at the company. Today, the statement was circulated by the Estate of Nestor Vasquez which informed that they have reached a full and final settlement with Belize Telemedia Limited for the debt owed to the company. Vasquez passed away in April of 2021, but before then, he was accused of mismanaging BTL funds and thereafter resigned as chairman of the company. He also took an undertaking to repay the over eight hundred thousand dollars and had begun to repay the monies before he died. Marion Ali has the update on the final settlement in this report.

Marion Ali, Reporting

He came under fire back in the latter part of 2020 when it was discovered that former Belize Telemedia Chairman, Nestor Vasquez, Senior, had misused over eight hundred thousand dollars of the company’s funds. Vasquez had agreed to repay the monies which he racked up as chairman of B.T.L. The money included more than six hundred thousand dollars in credit card expenses, mostly for his personal use, and a bill for over a hundred and twenty thousand dollars. Prior to his death, Vasquez had repaid over a hundred and sixty thousand dollars and made arrangements to repay the balance. But despite that, B.T.L. employees were enraged at the news and the President of the Belize Communications Workers Union, Garry Yearwood told the media back then that its members demanded that Vasquez repay every cent.

Garry Yearwood

Garry Yearwood, Belize Communications Workers Union

“Of course members are indeed upset. We are aware of the audit have been initiated by the past board. I am not too certain if the audit has been completed but membership would definitely want to see a copy of this audit in order for us to have some type of recommendation to put in place. It’s some damning information. Membership quite upset at this point. We did enter into a negotiation the other day for some cost cutting measures where we agreed to give up certain benefits so whatever monies that can be recovered that would be good for our member so that they can get back something that they have given up.”

Today, the Nestor Vasquez Estate announced that following Vasquez’s passing, both parties entered into mediation and agreed on a settlement figure. And while the estate says that the remaining balance of this debt has now been fully paid, it stopped short of revealing how much money was paid. It added that the last payment was made on January twenty-ninth in compliance with a Supreme Court Order of 2021. The Net Vasquez Estate was represented by attorneys Estevan Perera and Godfrey Smith. News Five reached out to Smith following the release of the statement but he declined comment. We also tried to get a comment from the BTL Chairman, Mark Lizarraga, but he was out of the country.

Vasquez tendered his resignation as Chairman of BTL in September of 2020 and in December of that same year, resigned from his family business, Tropical Vision Limited, Channel Seven amid the allegations. Marion Ali for News Five.