Archive for June, 2008

BTL pawns assets for USD 22.5 million to Belize Bank

Monday, June 2nd, 2008

Belize Telemedia Limited has pawned out itself lock, stock and barrel for USD 22.5 million to the Belize Bank. Belize Telemedia Limited (BTL) is Belize’s major telecommunication company that boasts of assets of more than USD 200 million.

BTL has kept silence about a loan agreement signed on December 31, 2007 by it and the Belize Bank subsidiary in the Turks and Caicos Island. It has also been mute about the agreement to have the Belize bank seize and sell its assets, if it fails to make profit on the loan payment at 12% interest rate.

The company’s Executive Chairman Dean Boyce along with Jose Alpuche signed a resolution passed by BTL.’s Board of Directors in order to proceed with the loan agreement. Boyce is a Director on BTL’s board and a Director of Shire Holdings, one of paper companies related to the controversial British billionaire.

Ashcroft claimed that 90% of BTL now belongs to an employees’ trust and charities.

Sunshine Holdings is a paper company that was set up to secure a USD 10 million loan from Social Security, another USD 10 million from the Government of Belize and USD 20 million from the Belize Bank in 2005. Currently Sunshine Holdings has 7,923,460 shares in BTL.

It should be noted that, according to former Prime Minister Said Musa, the company was established in order to allow BTL employees to own shares in BTL through a trust fund. Belizeans and local companies still own minority shares in BTL, and there is no sign whether they were notified that the telephone company had put up its USD 200 million operation for a USD 22.5 million loan.