How many millions did BTL change on the parallel market between 2001 and December of 2004? In his letter to the Chairman yesterday, Former Manager of Finance Gaspar Aguilar described, "hundreds of occasions to exchange tens of millions of dollars." 7NEWS investigation show that the figure is just about US$95 million which was changed on the parallel market. That's close to BZ$200 million. As Aguilar noted in his letter he, "only dealt with...established individuals and never would...have expected that one of these individuals would not have purchased and delivered the United States dollars...."
The "recognized individual" in this case was local businessman Dion Zabenah who reportedly offered his services to BTL. Reports to us are that in December, Aguilar gave him BZ$6.2 million in cash and Zabenah was supposed to come up with US$3 million from the parallel market, exchanged at a rate of about BZ$2.8 to US$1. The deadline to come up with the money passed and Zabenah did not come up with the cash in U.S. dollars.
But, despite being out over $6 million, BTL never launched any criminal action which may owe something to Zabenah's good connections in Belmopan. Up to now, 9 months later, Zabenah still has not come up with the money and BTL has only vaguely said it will pursue recovery through legal channels.
What bears noting is that Police Minister Ralph Fonseca told The Reporter that he was aware of the transaction and our sources say that knowledge dates back to the first part of this year. Still, from then until last week no action was initiated either by police or BTL. Since Aguilar was fired last week, we understand that CIB detectives have visited BTL's corporate headquarters.
