And while BTL is not paying Godfrey's debt, someone has to because the government of Belize is the ultimate guarantor of that and other Godfrey debts and if it doesn't pay that will amount to a sovereign default which would be the absolute worst case scenario for GOB. So then, who is paying? Well if you guessed that it's you as a taxpayer, that would be right. 7NEWS has obtained a letter from Financial Secretary Dr. Carla Barnett to Social Security General Manager Narda Garcia. The letter dated May 9th says that the government will refund the Social Security Board $1,849,504.68 for payments it made on behalf of Godfrey companies in November and December of 2004. The letter says, "GOB is prepared to reimburse the $1.849 million plus interest to the BSSB over a period of time...." Barnett also adds that the government will release and discharge the Social Security Board from all claims and liabilities to make sure it suffers no loss.
What this means is that while your Social Security contribution money is being spared, your tax dollars are being used for the same thing, which is: to pay Godfrey's debts. And how much is it according to Barnett's letter, "the total remaining liabilities (are) approximately US$18.8 million." Add that to the US$25 million loan that government guaranteed at the Royal Bank of Trinidad and Tobago, and you'll have an estimation of how far government went to facilitate and sponsor the start-up company of its former Attorney General. Now, Jeff Prosser says he was tricked into taking over that debt but he would have added it to his cost of investment anyway and factored it into the 15% guaranteed rate of return government gave him which means that you would have had to pay it as a telephone ratepayer anyway.
