As Minister of Finance, he once held mighty magisterial sway over the Central Bank but, it seems, things done changed for Ralph Fonseca. Proof of this comes in a confidential letter obtained by 7NEWS. It is from Governor Sydney Campbell to Fonseca dated September 2nd, 2005.
Fonseca apparently wrote to Campbell consulting him on the cancellation of Jeff Prosser's Special Share. Well, Campbell wrote him back, basically saying that from where he sits, it might not be such a good idea. Campbell agrees that as long as Prosser's Belize Telecom holds the Special Share it does, "frustrate investment flows."
But, all that aside, Campbell notes that the Central Bank authorized Belize Telecom to pledge the Special Share at the Royal Bank or Trinidad and Tobago as collateral for US$25 million in Intelco debt. With that, Campbell concludes "it would be in the best interests of the Central Bank to refrain from expressing an opinion on a matter that may be seen as a conflict of interest." Campbell then goes on to offer his_ "sincere apologies" for being unable to help him.
It's a quite remarkable denial to the Utilities Minister, but, in the end, it's little more than a cleverly played farce. We say that because when Campbell writes on September 2nd, the Statutory Instrument in which Fonseca cancels the Special Share and changes the articles was signed into law on August 27, a week before Campbell's response, meaning that the horse was out of the stable gates long before Campbell told Fonseca that it won't ride.
