Loan to BEC Interest Rate 8% not 24%

One debt that is in that troubled bond offering is US$1.9 million that is owed to Belize Estate and Company Limited for the acquisition and servicing of the fleet of police vehicles. Well, today, the government's car czar, Stanley Leslie who runs the Vehicle Care Unit piped up to say that the rate of interest on that loan is 8%, not 24% as is listed on the document which we showed last night. Despite the proof contained in the document which lists many profligate debts, Leslie maintains that the financing is at 8% for three years which we will note is unusually low for suppliers' credit.