Health Minister Joe Coye says there had better be full disclosure of the money dealings behind Universal, and soon. That's what he told a gathering at the weekly Rotary luncheon today.
Coye was the guest speaker but it was a tough crowd, which openly challenged his declaration that he doesn't know the financial position. In his defense, he did say that he did not support the decision to guarantee Universal, and that on government's part there was, "an obvious deviation from prudential rules."
But if Coye, a member of the Public Finance Committee which met on Monday, still doesn't know the financial position, from ehat we've gleaned, it is as follows:
- Government will have to swap a large expanse of state land on Northern Ambergris Caye to settle the $33 million Universal debt with the Belize Bank;
- This land is anywhere from 7 to 11 thousand acres and now bank negotiators want it to include beach frontage, which is all privately owned, so government would have to acquire that, at your expense.
- It is expected that Michael Ashcroft and his related interests will develop a major tourist development on that area.
And while there are many questions, centrally, there are two: how many thousands of acres are required to settle the debt, and what is included in that $33 million debt?
Well, today Coye indicated to the Rotary lunch bunch that he just plain didn't have the answers for that and that's why he said, "people have a right to full exposure and full disclosure of those details." He went on to add that it is the duty of the Ministry of Finance to give that disclose.
We assume he means the Minister of Finance because the head of that ministry, Fin. Sec. Carla Barnett has publicly declared that she has nothing to do with the Universal/Belize Bank negotiation.
But until the negotiation for the debt settlement is finished the takeover remains stalled. Coye's interim board has not moved in to Universal, and the debt with the Belize Bank has not been settled.
As for the $13 million DFC debt? There seems to be no urgency to settle that one as it is backed by good ole' taxpayer bucks.
