Belize’s most popular single financial institution, the Holy Redeemer Credit Union, held its sixty-third annual general meeting last night and as has become commonplace, reported strong financial results. As of March thirty-first of this year, assets totalled over two hundred and sixty-three million dollars, an increase of nine point one percent. Investments reached almost sixty […]
Tonight there still remain more questions than answers in the case of the controversial government guarantee of thirty-three million dollars in private debt contracted by Universal Health Services. At Monday’s press conference by the United Democratic Party, Opposition Leader Dean Barrow stoked the flames of public indignation by suggesting that the unlimited guarantee may have […]
Mark Espat, Said Musa, and Dean Barrow were not the only members of the National Assembly to comment on the U.H.S. loan guarantee. Outspoken Senator Godwin Hulse is just back from Belmopan, where having looked at the document, could barely contain his disgust. Godwin Hulse, Senator “It’s atrocious. I mean it’s just absolutely outrageous to […]
This afternoon the United Democratic Party called a special press conference in Belize City to discuss the Government guaranteed debt of the thirty-three million dollar loan made to Universal Health Services by the Belize Bank. That debt, long in default, must now be paid by Belmopan. But is the guarantee valid? Opposition Leader Dean Barrow, […]
That so-called guarantee given by government to back a thirty-three million dollar loan made by the Belize Bank to Universal Health Services may not be so secret after all. A call from the Press Office this afternoon informed us that Cabinet has authorised any member of the National Assembly, upon request, to view the document […]
The United Democratic Party has weighed in on the issue of government’s possible sale of its ten percent stake in the Spanish Lookout oil field. And while the U.D.P. position is supportive of the Belizean public owning shares, the party is adamant that all proceeds from any sale go into the newly created Petroleum Fund–and […]
Ambitious residents of the Toledo District will soon be able to access new loan funds, thanks to a grant from the European Union. The eight hundred and fifty thousand Belize dollar fund, administered through the Toledo Teachers Credit Union, will be used for micro credit to the district’s small entrepreneurs. The money will become available […]
Meanwhile, word out of Belmopan tonight is that butane prices have increased by nine dollars. According to a press release issued by the Government, the new price of a hundred pound cylinder is as follows: one hundred and two dollars in Belize City, one hundred and four dollars in Belmopan, and one hundred and seven […]
As we reported last week, Belize Electricity Limited has applied to the Public Utilities Commission for a rebalance of rates. The proposed charges, which are supposed to translate to reduced bills for most consumers, is part of the Annual Review Proceeding. When the power company submitted their proposal, it had asked that certain information be […]
Belize Electricity Limited, the nation’s sole distributor of electrical power, has applied for new rates … but before anyone gets excited it should be explained that according to B.E.L., charges will actually be reduced for most customers. The rebalancing of rates is part of an Annual Review Proceeding that B.E.L. has requested under the regulations […]
His flat out denial under oath that neither he nor his law firm benefited from the thirty million dollar Novelo’s loan came as a refreshingly straightforward answer amidst a sea of “I don’t remembers” and “I can’t recalls.” The only problem is that Glenn Godfrey’s testimony wasn’t true. Subsequent statements to News Five by attorneys […]
Pundits have declared the death of Belize’s sugar industry countless times over the last two decades but recent developments indicate that not only is sugar alive and kicking, it is showing signs of prosperity. The most recent good news comes in the form of a permanent increase of almost twenty percent in Belize’s export quota […]
We haven’t heard much about the petroleum business lately, but for those viewers concerned about where all those millions of U.S. dollars are going, there’s some good news. Beginning tonight and continuing on Wednesday and Thursday, the Ministry of Natural Resources will be holding a series of public consultations on the establishment of the Petroleum […]
There was no shortage of familiar faces today, both inside and outside the National Assembly in Belmopan. But 2007 was not 2005 and while protesters had no lack of issues, they did not come close to interrupting the completion of the budget debate. News Five’s Janelle Chanona reports from the nation’s capital. Janelle Chanona, Reporting […]
The citrus war is not the only news coming out of the Stann Creek Valley. This week it was announced that a group of U.S. investors has reached agreement with the Belize Government to purchase one hundred and eighty acres of the Old Lynam College property to be used for a bio-fuels project. According to […]
The issue of the business relationship between the Development Finance Corporation and its former Chairman Glenn Godfrey continues to grow more complicated … and incriminating. Evidence gathered by News Five indicates that contrary to Godfrey’s sworn testimony–as well as that given to us by his former law partner Christopher Coye–the Godfrey law firm was directly […]
The debate on the nation’s budget for 2007-2008 began today in the House of Representatives in Belmopan. The presentations by area representatives commenced shortly after ten this morning and continued until four this afternoon. First to take the floor was Leader of the Opposition and the member for the Queen’s Square division, Dean Barrow. While […]
Responding for the Government to Barrow’s presentation was Minister of Tourism and representative for Pickstock Godfrey Smith. Godfrey Smith, Minister of Tourism “The arrogance of the Leader of the Opposition Madam Speaker and members of this honourable House is displayed in that they already assume, wrongly, that they will form the next Government, that they […]
It was one of the high points of his testimony yesterday before the Commissioner of Inquiry into the Development Finance Corporation. When questioned about whether his law firm benefited from the one-day disbursement of a thirty million dollar loan to the Novelo’s Bus Company, former D.F.C. Chairman Glenn Godfrey was adamant in his denial. [March […]
It was billed as the last public hearing of the Commission of Inquiry investigating the financial affairs of the Development Finance Corporation. Appearing to testify was no less than the former board chairman for much of the period under investigation, Glenn Godfrey. But before Godfrey was sworn in this morning his attorney, former Solicitor General […]
Like one of those hyped up heavyweight fights on pay-per-view, the long awaited showdown between D.F.C. Commission of Inquiry Co-chair Merlene Bailey Martinez and former Minister of Finance Ralph Fonseca could never have lived up to its advance billing. To the disappointment of many, there was no knockout, knockdown, or even a solidly landed blow […]
Throughout much of his more than five hours of testimony yesterday, Troy Gabb, former Chief Executive Officer of the Development Finance Corporation, failed to recollect the information asked of him by the Commission of Inquiry investigating the corporation. According to Gabb, when he left the institution in June 2004, it was “financially viable” and boasting […]
Those often delayed D.F.C. hearings resumed today at the Belize Institute of Management. News Five’s Janelle Chanona was on hand for all the protests, denials, and lapses of memory. Janelle Chanona, Reporting After weeks of anticipation, today the former Chief Executive Officer of the Development Finance Corporation Troy Gabb and former chairman of the board, […]
There was standing room only in the National Assembly building on Independence Hill this morning as Prime Minister Said Musa presented his government’s budget for the fiscal year 2007 to 2008. And as News Five’s Janelle Chanona reports, Musa’s “Facing, Fixing and Moving Ahead” speech also contained bold promises designed to curry favour with the […]
“My clients will be there.” That’s official word from attorney Dickie Bradley tonight regarding speculation on whether or not attorney Glenn Godfrey and former Chief Executive Officer of the D.F.C., Troy Gabb will be present at the public hearings of the Commission of Inquiry investigating the Development Finance Corporation. According to Bradley, summons were served […]
