It closed it doors back in September and today accountant Cedric Flowers confirmed to 7NEWS that the troubled International Telecommunications Company, Intelco is in his receivership.
Flowers was hired by the Royal Merchant Bank of Trinidad to collect US$25 million which Intelco owes them. Today's Amandala reports that Flowers was appointed receiver on Monday to enter and take possession of the charged assets." Flowers reserved comment on just how he will go about collecting that money.
But no matter what he does or doesn't do, the Opposition UDP today pounced on GOB saying Belizean taxpayers will lose because the US$49 million of Social Security funds tied up in Intelco will almost certainly never be recovered. Of course the question mark in all this is will Prosser still buy Intelco. GOB has said the deal would be sealed by the end of the year. But with Intelco's lender now moving on it, chances are that by the time RBTT is through, there won't be much if anything left to buy. The assets used as guarantee for the loan include properties in Cayo, Caye Caulker, Belmopan, Corozal, and lands at the Burrell Boom road-Northern Highway junction.
Follow the Storied History of Intelco
. Intelco Closes its Doors
. Musa on Intelco Collapse