On December 21st, UDP Chairman Mike Peyrefitte wrote to the Prime Minister with a Freedom of Information Request. He asked for a full breakdown of the 15 million dollars which was approved in Parliament to pay Legal and Advisory Fees for the Issuance of the Blue Bond.
Peyrefitte specifically requested a listing of the amounts that was paid to each lawyer and advisor. His request was a basic letter - but he got back a scathing 3 page response from the Prime Minister yesterday.
The letter goes to lengths to establish that the PUP blue bond debt re-structuring saved a whole lot more than the UDP's two Superbond re-structings - and, on a percentage basis cost a whole lot less.
But, even after all that schooling and scolding - Peyrefitte said his question still hadn't been answered. At a press conference today - he referred to the Prime Minister's letter's explanation of funds secured to transaction costs.
Hon. Mike Peyrefitte, UDP Senator
"Thereby resulting in the availability of 16 million US to cover transactions cost, so then why go to the house and senate to ask for 15 million dollars more. This is what we had to say about this: therefore, the Belize dollar 15 million dollars supplementary allocation is a none issue. So, 15 million dollars is a none issue? and if it is a none issue and you didn't need it, why did you come to the national assembly and asked for it? You really believe that the PUP would have 15 million dollars and don't spend it."
"After you borrowed extra money to pay for the transactions cost of the blue bond, you went and you asked the national assembly for an additional 15 million dollars, for what? for who? Who got paid out of that? who got that extra 15 million dollars? The question I ask you is this: after you borrowed 20 million dollars to close the cost, you went afterwards and ask for an additional 15 million that you cannot explain why you wanted it."
"If all of these people have been paid at the closing time of the transaction and the closing time of the restructuring, then my simply question to the prime minister remains and I will write every week if I have to, because he has not answered my question. How that paid out of that 15 million and how much did each person get paid out of that 15 million. But because the prime minister did not have an answer for me and does not have an answer for me, he has somebody wrote a 3-page fluff filled with distractions and 1% and 2%. I know it wasn't he who wrote it, because some language was very craftily used. But we will not be distracted by the core issue. I will repeat and ask again, where is the 15 million? Who got paid out of that 15 million and how much and when."
The total costs for the blue bond is in the range of 30 million dollars - on par with the Superbond restructurings - but with far greater savings.
