Saturday, April 30, 2011

Belize Unit Trust DEBT is $2 million ????

So whats happening with the Belize Unit TRUST mutual fund?

I noticed in this weekend newspapers, the financial auditors report for the Mutual Fund. They show losses for 2009, and 2010. Though I have trouble understanding the Balance Sheets in the English system. I´m more able to understand the New York Stock Exchange company reports, with lots of ratios, which give you an instant picture of the status of the company.

Needless to say, if I intrepreted the 2010 Financial audited report, they are in $2 million debt. Which it was hinted is a loan ( probably from the Eastern Caribbean ) The Eastern Caribbean has been the source of many a bank failure, insurance company failure and of course Maadorf´s infamous PONZI SCHEME.

Don´t know enough about the British accounting system to understand this, but it sure looks like they are getting lent money to themselves, by themselves, as in parent company, for the interest, ( remember Fortis and Ashcroft using SHELL companies to do something similar in our newspaper articles? ) in order to pay the depositors in Belize interest payments. If so, one can only wonder if this is another Eastern Caribbean PONZI scheme? As I say, I just don´t like the smell, but don´t really know how to intrepret that annual audited report. I´m waiting for somebody more knowledgeable to explain it in the newspapers.

No comments: