Citrus industry problems affecting foreign investor confidence

There’s more trouble brewing in the Pomona Valley where a protracted battle is getting nastier and dangerous between the Citrus Products of Belize Limited and Citrus Growers Association over issues ranging from control to finances. CGA is not happy that even though they have fifty-one percent controlling interests in C.P.B.L., they need consent from Barbadian investor, Banks Holdings to make decisions. That restriction is based on an investment agreement with Banks, but the other big issue is between the association and three directors of CPBL, including its CEO Dr. Henry Canton. It appears that the industry will become a casualty of the war between the two groups, and now, after months of back and forth, the conflict between the CPBL and CGA is giving foreign investors second thoughts. News Five traveled to Pomona today where Canton told News Five said that their financiers have become nervous about the whole situation.

Dr. Henry Canton, C.E.O., CPBL

“There has to be an end because I’ll be honest with you, it’s affecting a lot of what we’re doing. We have a joint venture with an investor from the Dominican Republic that’s running a little scared and in fact very nervous about his investment; I mean it’s forty-five percent of a six million US dollar investment. We have Banks who is going through their own issues with the ICL. We’re now forging ahead quite strongly with our partners in Guatemala, but they’re also very concerned. What’s going to happen? Where is this all going to end? So there’s a certain uncertainty from people that we really need to make this work because when only three percent of your product is sold in your country and you’re selling ninety-seven percent of what could be seventy-five million US dollars, what their opinion is out there is critical to our success. And that is my big fear because here I am with you, tonight when it’s aired there’s gonna be that hundred thousand people and anybody else involved with us on the computer and following the news and I’m beginning to think that what we’re doing to ourselves is not positive; it’s negative.”