Last Friday the Solicitor General disclosed the loan note and settlement deed for the Universal debt that the Prime Minister signed on March 23rd, without Cabinet knowledge. We've told you about them; how the loan note demands payment on September 23rd; how it waives all stamp duties and other taxes on the transaction…and other things. But what we missed, was noted in Tuesday's Amandala. The settlement deed says that, "the total amount owed to the bank (is) US$33.545 million." But that is twice the debt known and announced to all which is BZ$33.545 million.
Of course, it could be, and likely is just a typo, but one the Prime Minister and the Attorney General never noticed when they signed the document, which may be one of the perils of signing documents away from public or peer scrutiny. But, that aside, what happens when that same typo recurs two months later? In a May 17th letter from Allen and Overy, the Belize Bank's British law firm, to the government, it again says, "the government is indebted to the Bank in relation to the US$33.545 million and any related interest payments…"
Now Allen and Overy is a leading international firm based in London, one of the most highly regarded law firms world-wide. And when that firm is making the same so called mistake that was made in the settlement deed, it gives us pause. So we asked the man who signed it, Attorney General Francis Fonseca: which is it: BZ$33 million or US$33 million? He bristled at the suggestion.
Keith Swift,
What is Universal's obligation to the Belize Bank - is it BZ$33.5 million or US$33.5 million?
Hon. Francis Fonseca, Attorney General
"Belize dollars but that is a matter before the courts so please."
Keith Swift,
The settlement deed that you signed in March, said U.S. dollars. Did you sign it without reading it or did you sign knowing it was in U.S. dollars?
Hon. Francis Fonseca,
"It's a matter before the court. I won't speak on it, as the Attorney General. It is a matter before the courts but it is Belize dollars."
Keith Swift,
So you signed it saying U.S. dollars?
Hon. Francis Fonseca,
"No, no. I am saying to you it is Belize dollars, I don't know what you are talking about."
Keith Swift,
The settlement deed that was signed in March by yourself and the Prime Minister said US$33.5 million., the loan note says BZE$33 million but the settlement deed you signed in March had US$33.5 million.
Hon. Francis Fonseca,
"I don't know what you are talking about or what you read. I am saying to you its Belize dollars, final - end of it."
All indications from inside government are that they were not aware of the error, assuming it is one. For what it is worth the loan note, signed in tandem with the settlement deed refers only to BZ$33.545 million.
