And while the opposition supports getting back the dams for Belizean ownership - she had deep questions about government's plan to divest ownership to private investors:
Tracy Panton, Leader of the Opposition
"This, as we see it, is an important investment for Belize. We are being asked today, Mr. Speaker, to approve a transaction that is worth over $260 million. We are asked to increase our domestic borrowing, expanding the ceiling of that borrowing to $2.2 billion dollars."
"What he did not see in his presentation this morning, that these new owners, once we divest, will be exempt from paying stamp duty, business tax, income tax, and withholding tax on dividends or interest."
"So while the Belizean people continue to be saddled with overbearing debt every time we come to this National Assembly, the Prime Minister said in his presentation that this is economic empowerment. But what the Prime Minister did not say in his presentation, is that the rate of return on investments on these three hydro facilities is somewhere between 77 to 85 percent return a year."
"So why would we wish to divest? I understand the need by this administration not to increase the debt to GDP ratio and not wanting to have that exposure but it would make sense to me. It would make absolute sense to me that we don't divest the shares in these hydro facilities."
"Let's hold on to these facilities. so that we can meaningfully contribute to the reduction of energy costs in this country. Instead, we have declared we are going to divest. And if we are real, the only entities that will be able to buy are these entities, these commercial partners as we put them, the banks, the credit unions, the insurance companies, and a few rich men or women, maybe five, who could count on one hand, who will have the whereitall to make that wind fall on the return of this, on this investment. And from rub the salt in the womb, they will not pay no tax. In perpetuity, once you get it, it's yours."
"Our nationalism is being painted across this gift that we are getting. But there is nothing in what I have read or what has been presented that says, you know what, as a government, we recognize that we want ordinary citizens to have an opportunity to participate in big business."
"This is only for HRCU. Dah no me said that, you know. Member for Fort George, your Honourable prime minister singled HRCU out. deal is about our national patrimony. It is about our national pride. It is about our energy independence."
"So why, why are we now going to purchase the asset that will give us an 85, somewhere between 77 and 85 percent return on investment in a year and flip it. We'll flip it you know. And only a certain class of Belizeans will be able to get into the deal."
The deal is scheduled to be completed by November 15th.
The new company called Hydro Belize Limited will be led by CEO Kay Menzies, with 48 Belizean staff members. The Government's Interim Board for Hydro Belize will be chaired by Lynn Young, a veteran of both BEL and Fortis Belize.
Later in the news, you'll hear the Prime Minister discuss the valuation for the dams and the shares in BEL and the final price which the government got them for.
