Dead silence, that's been the reaction from the Central Bank about the Prosser/Ashcroft $30 million dollar dispute that was first reported on 7NEWS last night. And while BTL's Managing Director John Vondras has made his pleading to Sydney Campbell, the Governor of the Central Bank asking him to intervene, it may not be that simple. Senior sources at the Belize Bank explain that Central Bank governor Sydney Campbell knew about BTL's $30 million dollar loan to the Belize Bank when it occurred last year. And more than that our sources say that BTL's executives have never gone to the Belize Bank to ask that the loan be converted into a cash deposit, instead, they went directly to the Central Bank.
But regardless of the intrigues between the bank and BTL, the fact remains that the $30 million featured prominently in the listing of BTL's assets in its 2003/2004 accounts, which Prosser's executives signed off on. Moreover, it's certainly something Prosser would have encountered in his extended due diligence period.
We note these things, because, looking at it now when Prosser is under tremendous pressure to make a good show after reneging on his agreement with the government, this $30 million dispute seems like a big deal, orchestrated to mask a bigger deal. And that deal is that, substantially, the government of Belize continues to be the material, if not beneficial owner of the controlling interests in BTL, while Prosser continues to run the company and collect its revenues. Of course, as Prosser alluded to in his Tuesday release, government may play some role in that as it had legal obligations to Prosser which it still has not met. We know these to include the institution of a floor on international calling rates, the illegalization of voice over the internet calls, and the assurance that no new telecom licenses would be granted.