British Caribbean Bank wants U.S. $22.5 Million it loaned to Telemedia
One in the myriad of cases before the courts in the nationalization of Telemedia is by the British Caribbean Bank that is seeking to recover millions of dollars on loan to Telemedia. But last Friday, at the launch of the BTL offering, the Chairman of Telemedia, Mr. Net Vasquez, declared that the loan of twenty-two point five US million dollars to the company is null and void. The loan was made by the British Caribbean Bank to Telemedia back in 2007 and when the company was nationalized in 2009, the government also nationalized the loan. This afternoon the Bank issued a release saying Vasquez’s statement was both reckless and misleading and that according to its own legal advice, the loan was lawful and it is an acknowledged fact that the Bank advanced the funds to Telemedia. According to the release, “it cannot be the case that Telemedia can continue to hold onto to twenty-two point five million US dollars of the bank’s money through Telemedia’s own alleged wrongdoing.” It continues that the people who stand to lose are the would-be purchasers of the Telemedia shares and the people of Belize. British Caribbean Bank also expresses confidence that it will recover its funds either as a result of its claim against the Government for having expropriated its assets or through its challenge to the legislation which nationalized its interests.
well go to court and see if you will get the money. I guess that is the only way forward. I also bet that whoever loses will apeal all the way to the CCJ and stil complain after losing the final appeal.
out right robbery and this gov want you buy shares well whoever stupid enough fu buy these shares deserve whatever they get good luck to all the poor belizeans who invest ina this scheme,
45 million Belize dollars with Interest was barrowed 3 years ago and now that loan is said to be
dead—Now the same company which barrowed those monies is set to sell off shares–
Belizeans is to get some 40% or so—investors must buy $500 + in shares—I believe that it
sounds all good but is this the way we wants to do business—remember ENRON—they
coaxed there employees to put there hard earn money into the company–one employee in
particular invested his lifetime savings of 300k –in the end all that money was worth under
2k–yeah two thousand dollars….so lets go into the future of Telemedia—they can own up to the
loan and pay in installments or a lesser amount paid in lump sum and this will cause a ripple
effect that will trickle down to all investments–believe it or not—its all business.
Free market economics! Free choice – you research the situation and make a decision after research…..you win or lose, shares are a gamble, always have been.
Too much “grey areas” in this investment opportunity – too many powerful people fighting for me personally to get involved. More interested in sitting back and watching/reading the upcoming battle. A battle for $45 million Belize dollah (plus interest, legal fees etc) looks to be massive.
Possibly will follow the same path…..only losers will be us, the people of Belize.
it would seem that from promissory notes to making a loan to buy your own shares is the norm for BTL. now the company is again being privatized.
i tell you this fact: fonseca messed up bel and btl to no- mo no-mo.
that is the first criminal who should be tried, followed by the other scumbags
The loan was Fradulent to begin with……Borrowing money to buy your own shares….what kind of thing was that??? Nationalism changed all that. The company is now purged and safe to invest in!
Like any other company……It is an investment and no investment is a 100% secure.