And moving away from the agriculture sector to the financial sector - our newsroom had received reports that the minister of state, Chris Coye, along with another minister have received a Financial Institution license in the name of Phoenix Capital Limited and that this enterprise is operating in the banking sector in a limited capacity.
Now, if this is true, then it represents what some say is a glaring conflict of interest since Coye works in the Ministry of Finance. And reports also indicate that former Central Bank governor, Manuel Vasquez, had taken issue with the matter before he was ousted from the post. So we asked the Minister of Finance himself, PM John Briceno, who said he's the boss - and there is no conflict.
Reporter
"This is something we understand that the former governor of central bank Manuel Vasquez who was probing into the matter and he had issues with and it's a conflict of interest that your minister of state in the ministry of finance has this banking license."
Hon. John Briceno, Prime Minister
"I have no idea how you could come to that conclusion. I can tell you the facts. The facts are that they have a company that was operating under the U.D.P. government. The U.D.P. government approved those licenses and when the former governor Manuel Vasquez found out about it, because apparently it was not… To try to explain it as best as I possibly can, when he found it in a different file where it did not belong - in some filing cabinet - and so then he started to ask about it. And then he was told and he found out that there was nothing wrong and it was straight forward. There is absolutely nothing wrong and it ended as that. And so the former governor that has nothing to do with him stepping down as the governor of Central Bank."
Reporter
"So but do they have the license for the Phoenix Capital Limited?"
Hon. John Briceno, Prime Minister
"I don't remember what's the name, but they do have a sort of limited financial license - whether it is a bank, I don't know. I don't want you to quote me, but they had this from in the U.D.P. days. So if there was a conflict, maybe you should have talked to Dean Barrow back then."
Reporter
"But Chris Coye is the Minister of State in the Ministry of Finance now; he wasn't back then."
Hon. John Briceno, Prime Minister
"He is the Minister of State, I am the minister and I am responsible. So at the end of the day, if there is something wrong, you hold me responsible - not Chris Coye."
We also reached out to Coye for comment and he said, quote, "The company in which I have an interest does not have a banking license. It has a license to conduct financial business. And of course it was issued by Joy Grant, the former Governor, upon an application being duly made to the Central Bank and the Central Bank determining that, upon conducting a fit and proper assessment, a license shall be issued to the company. This was issued around the beginning of 2020 under a UDP administration when I had no official capacity. The licensed entity conducts no business with the government of Belize. There is no conflict of interest which arises." End quote.
