The Prime Minister says they hope to close off all transactions by Tuesday of next week, which means that government plans on taking this through all its process this week. The PM also assured that government has this money readily available and expects no problem in finalizing payment.

Screen_Shot_2015-08-31_at_8.35.10_PMHonorable Dean Barrow – Prime Minister of Belize

“You will know of course that the foreign exchange is no problem since our reserves now stands at a Billion Belize dollars or five hundred million US, the settlement in the form of a bill for and act goes to the house on Wednesday where we expect to pass it all at once naturally time is of the essence and then it goes to the senate on Friday we would expect the Governor General to accent to the Bill no later than Monday and we would then dispatch to Fortis’ account abroad the US$35 million by Tuesday.”

In the business arena however, it would seem that Fortis is at a losing end in this matter. When asked, the PM stressed that for this and other reasons, the settlement is a “good deal” for Belize.


“When one looks at this I don’t know what was the original figures that Fortis had put forth however one suspects that it was at least over three hundred million Belize dollars and other issues along with that how will all able to arrive at something quite significantly less than that even if you add in the equity of the company, I don’t know how you calculated the value of the shares based on which valuation would be used but how did you all arrive at something that is significantly less to one imagines?”

Honorable Dean Barrow – Prime Minister of Belize

“Earlier Mr. Perry and I were chatting and I told him I would need to be careful not to praise him too much else his board I interpret that to mean that he gave away the store but on a serious note it is principally because of Mr. Perry’s honest desire to bring the dispute to a close and to get on to a new partnership here in Belize a country in which they continue to do business via BECOL.”

So the government plans on finalizing the payment of seventy million Belize dollars by early next week. The question then was how does government plan to recoup that money over long term?

Honorable Dean Barrow – Prime Minister of Belize

“We have absolutely no doubt the continued profitable operation of BEL and dividends that government has already gotten and will continue to get now on the basis of its 37% shareholding that the seventy million dollars will be very easily and rapidly recouped.”

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