As we have reported, on Thursday November 18th the Central Bank Board of Directors approved the Belize Bank's acquisition of the Bank of Nova Scotia.
A press release from the Central Bank said the Board granted approved - but as we have reported - that Board couldn't have even had the legally required quorum since three members had already resigned with the change of government on November 11th.
Speaking today, Prime Minister Briceno said that was news to him!
Marisol Amaya- Reporter
"There have been allegations made that the Central Bank board didn't have quorum when it made that decision approving the sale of Scotia Bank. What do you know about that?"
Hon. John Briceño- Prime Minister
"That's not true. First time I'm hearing about that. Again, as you know, the Minister of Finance has no control over that. Prime Minister Barrow during his time, he knew that the Central Bank was having long discussions and from what I'm told they had long detailed discussions. It took a lot more work and effort for the Central Bank to approve the acquisition by Belize Bank of Bank of Nova Scotia. It took much longer when Barkley's or when Heritage acquired First Caribbean Bank. This one took a long process. I spoke to the Chairman of the board of the Central Bank just to find out what was going on and he has assured me that they are doing everything possible to ensure that every dot is marked and every T is crossed to ensure that if they do approve it that it is going to be done right. They met and approved and I was informed after the fact."
The law on quorum for the Central Bank says that the Board of Directors "shall consist of no less than three nor more than four other members."
7News has confirmed that three of the members: attorneys Vanessa Retreage, and Nigel Ebanks along with diplomat Pat Andrews had already resigned.
