Novelo family says it was victim, not perpetrator

Over the years, the names of certain Belizean families or businesses have become inextricably linked to a particular set of numbers. In the case of the Novelo’s Bus Company that number is thirty million—the size of the loan it failed to pay back to the D.F.C. Today, in what is probably the grandest public relations gesture ever made in Belize, the Novelo family put its own spin on the situation. News Five’s Janelle Chanona reports from the Princess Cinema.

Antonio Novelo, Shareholder, Novelo’s Limited
“Most importantly we want the nation to know that we still want to pay the bill. Now, which family would still come out openly and say, I want to pay?”

Janelle Chanona, Reporting
And to prove their point, this afternoon the Novelo family officially launched the “Novelo Matrix”, a thirty-four minute video presentation produced to highlight their side of the story of the thirty million dollar loan from the Development Finance Corporation.

David Novelo, Shareholder, Novelo’s Limited
“We felt that it’s about time that we can give the nation the truth, let the nation know what unfolded, and let the Belizean people form their own ideas. This is really the importance of this documentary.”

According to the script, written by the Novelo family, the Novelo Bus Line fell victim to fierce competition, rising fuel prices, an unfair Government, incompetent receivers, sneaky board directors of the Atlantic Bank, and an unforgiving Opposition.

Janelle Chanona
“Does the Novelo family accept any responsibility for what happened in the end?”

David Novelo
“Absolutely not, but the point is that we are the only ones that can assist to get this debt be paid back. And why? Because we are the only ones that know what really transpired and we know what the industry requires so that the people’s money can be recovered.”

Janelle Chanona
“David what do you say to the critics out there who are saying you spent all this money to produce this movie, why not use that money to pay back toward the debt.”

David Novelo
“Well one of the things we have to share to this country is that not because the family had a debt of thirty million means that we lost credibility with our financiers. We still have some banking institutions that believe in us, they know that we are capable, competent and they have been financing as you have been seeing, we have National Bus operating, the BelBus, which is the tourism side, and we are willing to raise the capital that is necessary to ensure that a portion of that thirty million dollars is paid. So today, the investment that we have done is minimal if we are to quantify in terms of ensuring that debt is paid, the thirty million dollars.”

And according to brothers Antonio and David Novelo, there’s only one way that can happen.

Antonio Novelo
“Obviously to get that thirty million dollar debt back repaid would only have to factor for us to have all the routes. … One of the core issues in this whole transaction is that the routes is the integral of this investment. The routes are worth millions of dollars. They are worth more than the physical assets that you can see.”

Janelle Chanona
“What is the way forward then, you want back your routes?”

Antonio Novelo
“Well in order to pay the thirty million dollars, of course we want back our routes. But if there is any responsibility party out there, especially I call on the Leader of the Opposition and of the Government, how are you going to issue the routes that you paid millions of dollars for, and give them free and then come to the Novelo family and say, we want you to pay thirty million dollars. It is impossible.”

David Novelo
“The family did nothing unethical. There was no money given to any politicians, as a matter of fact I think probably because we pledged personal guarantees, we were committed to the project, we feel that there was not the need, the willpower both from the Government of Belize and the Opposition to disseminate the truth and as a result of that, we paid a high price.”

A price the Novelo’s have tallied at thirty-nine million dollars. And apparently the family is willing to keep paying, for airtime that is, as the brothers insist their movie is not their last word on the D.F.C. debacle. According to Tony and David, the next stop is to tour local media houses to address the additional questions.

Antonio Novelo
“So let’s get on, let’s collect back this money for our taxpayers and let’s do it together. Let’s be truthful out there because we are not running way, we are saying we want to pay but we cannot pay if we don’t have our routes.”