On April first of 2004, the Government of Belize announced that Jeffrey Prosser had paid US$89 million for 84% of BTL's shares. We should have noted that it was All Fool's Day because the joke was on us: as it turned out government was not paid a dollar in cash on that day. The charade continued for months as the Minister of Finance Ralph Fonseca got up in the National Assembly to insist that the money had been received by the Central Bank, in fact the imaginary cash was even factored into the Central Bank accounts. Now, over a year later, what started out as an April Fool's joke has become more than just a little sour; Jeffrey Prosser has still only paid US$32 million and is short that famous US$57 million. Well, as far as fools' games go, the old rule still applies: fool me once...shame on you, but twice, well that's shame on me and the_ me_ in this case is the GOB.
7NEWS has received credible reports that, again, government has sold BTL shares and not gotten cash for it. That's right, contrary to public pronouncements made by the Prime Minister, Ashcroft did not pay US$14.5 million in cash when he signed to buy 15% of BTL's shares on the 22nd March, 2005. The story is that technically he did pay but government can't put its hands on the money, at least not yet. If it sounds a little shaky it did to us too and Keith Swift asked the Prime Minister to explain.
Keith Swift,
You told the nation that you had been paid for the shares. Our information is that the Central Bank has not received the money for the 15% of BTL shares.
Said Musa, Prime Minister of Belize
"The money was deposited in a CD at the Belize Bank. It is there, it has been confirmed, it has been certified to the Central Bank."
Keith Swift,
Why wasn't it deposited into the Central Bank?
Said Musa,
"This is what we agreed on, that it would stay there for, I think it was 10 days or 12 days and thereafter it will be transferred to the Central Bank."
Keith Swift,
Its now been 14 days.
Said Musa,
"I believe it is now being done, either today or tomorrow."
Keith Swift,
Any reason why it was sent to the Belize Bank first?
Said Musa,
"Its just one of those things, I think there was a small cost involved that had to be deducted and that is being dealt with."
Keith Swift,
In announcing the E-com agreement you said Mr. Ashcroft committed to not purchasing more than 25% in BTL. We have information that states otherwise. Your response?
Said Musa,
"My response is that we hold a written undertaking from E-com and its affiliates not to pursue the acquisition of any more shares in BTL and that's all I will say at this point in time."
Michael Ashcroft has told us that the Carlisle Group has given no such undertaking but that it indeed does not have interests in buying more BTL stock. But he did note that E-com is not a Carlisle affiliate, it is an Ashcroft company and that company may have further interests in BTL. And we will note that is evidence in the fact that government, in a replay of what it did two days before the election in 1993, has again given Ashcroft a letter to become a permitted person which would allow him to own more than 25% of the company without limitation. Experts on the articles note that it is questionable whether the government can legally assign the rights of a permitted person to a private company or person not acting on behalf of the government.
