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PUERTO AZUL WAS A SCAM!
Continued from page 1 ibly, in the pristine Lighthouse Reef Atoll, the resort at one point boasted an international runway, marina for hundreds of vessels, golf-course and over-water villas…along with the myriad luxurious amenities to attract the rich and famous. The scale of the project, and its ‘intended’ location, should have given any normal person pause and cause to steer well-clear, but here in Belize there are very ‘special’ people, not normal at all. That is why in 2014 Minister of Tourism Manuel Heredia and Minister of Investment Erwin Contreras donned tuxedos, and the wife of the Prime Minister donned her best frock, to travel to Cannes for the Puerto Azul launching. There all three preened and pranced, posing for photos with celebrities, sipping champagne and getting punch-drunk on momentary stardom. They were there at the invitation of the developers to show support for the project. As it turned out, they were being used as stage props to sell a product which does not exist. Media houses in Italy and Switzerland on Tuesday reported that Puerto Azul developers Domenico Giannini and Fabio La Rosa have been imprisoned, along with three others, for what was nothing but a Puerto Azul scheme and scam which allegedly resulted in some 200 investors being defrauded of their monies. At the end of the inter-agency investigation which allegedly lasted a year, Police in Italy were able to seize over eighteen million Euros in cash and assets held by the men in offices in Italy and Switzerland. It is certainly not the first time that our celebrity-happy, integrity challenged leaders and officials have been duped. Belize is regularly portrayed as a country in which anything can be had for a price and a political connection. Former antivirus guru John McAfee made reference to it in a documentary entitled ‘Gringo’ which shamed the nation when it was released in 2016. And then, of course, there is the case of William Danny Mason, a con-man who was able to infiltrate the UDP Cabinet and Police Department within a very short period of time. From the very mention of the project in Belize, environmentalists and stakeholders had issued words of caution to the government. Still, even the omniscient Godwin Hulse, head of the subcommittee to investigate the project, didn’t raise eyebrows at the thought of such a massive infrastructure foray in such an ecologically sensitive area. The Belize Times notes that while the Prime Minister’s wife, the Minister of Tourism and the Minister of Investment were easily duped and taken for a ride, if it’s any consolation foreign media reports that even celebrities like John Travolta and Andrea Boccelli were among those used as stooges.
LOCAL 19 Jan
21 Jan
2017
BONDHOLDERS REJECT BARROW – TELL HIM TO GET SERIOUS! Wednesday, January 18, 2017 As if Belize's economy needed any more bad news, the Bondholders Committee, appointed by holders of the 2038 "Superbond", have rejected government's consent solicitation presented to the Committee last week. In its consent solicitation, GOB proposed that bondholders fix the interest rate on the 2038 bonds, currently at 5 percent and stepping up to 6.767 percent effective August 20, 2017, to 4 percent per annum starting February 20, 2017 through to the final maturity of the bonds. GOB also proposed that instead of extending the bond, the amortization schedule be changed from 38 equal installments commencing August 20, 2019 to three annual payments due to commence on February 20 of 2036, 2037 and 2038. Bondholders, however, have other ideas and have promptly rejected GOB's proposal saying governments
terms would reduce the net present value of the bonds by over 40 percent. The Committee has also advised bondholders to reject the terms of GOB's proposal as GOB needs consent from holders of at least 75 percent of the bonds. It also referred to GOB's consent solicitation as premature. Barrow, of course, is trying to avoid a sticky default situation on the bonds' next coupon payment due in February. Experts, however, had long predicted that this latest restructuring effort would be anything but quick as bondholders are demanding certain commitments from GOB including adhering to a program endorsed by the International Monetary Fund (IMF). Under the terms of the last restructuring in 2013, GOB agreed to a principal reinstatement clause which provides that in the event of any unpaid princi-
POLICE FIND WET DROP ON LA ISLA BONITA
Tuesday, 17 January 2017 Police say there is little information to reveal at this time, except that over the weekend cops from San Pedro Town were called to an area four miles south where they discovered a sack on the beach. Inside that sack were parcels weighing in at a kilo each, for a total of 26 kilos or 57 pounds. There was nobody in the area, so the drugs were taken to the San Pedro Police Station and labelled as found property. Ambergris Caye is no stranger to wet drops. In fact, the frequency with which large quantities of cocaine make their way to shore has created a new industry for a breed of criminals known as playadores who scour the beaches, traditionally north of town. It has also led to an increase in violence and murders on the island, as rival families of playadores battle to the death for possession The media tried without success to get an official estimated street value from Police, but they also refused to reveal that information for some unspecified reason. From media investigation, the street value in Belize of that find over the weekend could be as much as $675,000.
WEATHER 20 Jan
22 JAN
THE BELIZE TIMES
pal or interest before the bonds' 10th anniversary, the government has to issue to holders an additional amount of 2038 bonds equal to 11.11 percent of the original principal amount within five days amounting to about US$59 Million. According to Exotix Partners, a London investment bank that prepares market analysis on the 2038 Bonds, "... this is important as it gives bondholders the incentive to wait for an actual default - say in February, with the next coupon, and then increase the value of their claim." The report from Exotix added: "... Indeed, given the creditor projections in the 2038 bond, it's as if bondholders at the time saw this coming..." Now bondholders say that despite GOB submitting a partial outline of a proposed economic adjustment program, the Committee is not convinced that the government's proposal is likely to reduce future risks to debt sustainability or to the stability of the country's currency peg. The Prime Minister has resisted having to enter an IMF program as doing so would most likely cause serious political consequences for his administration. The IMF has advocated for GOB to raise the General Sales Tax to 15 percent and has also recommended that GOB make significant cuts to its wage bill. And as Barrow's government continues to run out of options and arbitration costs continue to pile against GOB, tax hikes and retrenchment is what is becoming inevitable. The Bondholders Committee said it would await the further details of GOB's proposed economic adjustment program. The Belize Times is informed that GOB will submit the detailed proposal to bondholders before the end of the week.
The Belize Times
Established 1957
14 APR 2013
23 Jan
ISSUE NO: 4840
The Truth Shall Make You Free
www.belizetimes.bz
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serving Belize since 1957 as the longest continuous newspaper. Founder: Rt. Hon. George Cadle Price, People’s United Party Leader Emeritus OFFICE MANAGER
Fay Castillo EDITOR
Mike Rudon
LAYOUT/GRAPHIC ARTIST
Chris Williams
OFFICE ASSISTANT
Roberto Peyrefitte SCAN HERE
22 Jan
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Printed and Published By TIMES NEWSPAPER LTD. Tel: 671-8385 #3 Queen Street P.O. BOX 506 Belize City, Belize
24 Jan
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