So, as the Briceno administration has painted it - they are cleaning up a UDP mess. But, as the UDP pointed out at the the time of nationalisation - the original sin of signing away what should have been a sovereign registry went back to the Price Administrant in 1993. And then to the Musa administration in 2005 for signing what Barrow alleged was a secret extension.
So, it's a case of the PUDP blame game, but Peyrefitte said that the fact that government is paying to keep it, shows that it is a profitable and key national asset:
Michael Peyrefitte, Chairman, UDP
"No, even the Prime Minister I believe last night when he spoke if I could understand him, and he is difficult to understand. The amount of money we collect in one year according to him is close to about what? 90 million dollars and every year the expenses of the BSL is what 9 million dollars. We make close to 70 to 80 million dollars a year profit from that organization so had we not blocked the extension of the contract Ashcroft would have been getting all that money all these years and now compared to that yes he gets 80 million dollars but remembers we are able to settle on 38 million dollars US simply because the UDP decided that that was something that was in the interest of the Belizean people to keep. If he did not believe that it was in the best interest of the Belizean people to keep it he would have a contract to give it back to Ashcroft right now as we speak but he isn't doing that. So, this is the culmination of a good deal done by the UDP."
Correction, the figures are as follows: BISL has generated net revenues of 86.8 million US dollars for the government since 2013. The settlement cost in US dollars is 38.25 million US dollars. It has to be paid in 60 days after house and senate approval.
