SAINT RAYMOND CHARITABLE EDUCATIONAL TRUST TO WITHDRAW FROM BIDDING FOR BTL SHARES ON TUESDAY NOV. 8TH, 2010, DUE TO PERCEIVED CROOKEDNESS IN THE PROCEDURE FOR SALE OF BTL NATIONALIZED SHARES.
Due diligence has been carried out by the TRUST, says Ray Auxillou. The TRUST is finished with this bidding for BTL shares. Much as we would like to be a shareholder in BTL, the PROSPECTUS analysis, along with the various RISKS, PENDING LAWSUITS, and the NATURE OF A GOVERNMENT CONTROLLED COMPANY leaves us not only with a certain sense of unease over the whole process, but the corruption by the UDP party in power regarding Belize Telecommunications, makes it a better choice we feel, to withdraw from participating in this company.
We hold no bad feeling over the reason for NATIONALIZATION and really have no fears about the legality of it. In the end, as an investment, the government of a SOVEREIGN power will prevail, is our opinion. The legal lawsuits are uncomfortable risks, but could and probably will effect the bottom line and net profits over the years ahead, so our bidding process discounted such risks,we feel.
The discounted price offerings were partly placed, based on RISK on the future profits, as results of lawsuits gradually ending over the years ahead,and the effects on dividends. There is no play to be made on price appreciation, as the Government of the day, the UDP gang are playing a crooked game, in our analysis; and anything can happen to the company. With all that our final serious offer, discounting such things, "corruption in the UDP", finishes on Tuesday, this coming week. We think we will pass!
I guess the straw that broke the camels back,in our withdrawal from offering on BTL shares were the incredible ( though not so incredible in the corruption climate of politics in Belize ) over the disinformation, and misleading political propoganda and criminal activity involving the Social Security funds.
There were several things that bothered us, resulting in our decision. There is the padding of BTL with relatives and party hacks of the company, including the Board of Directors. In Belize such padding and skimming is considered in the political party climate in Belize as normal. We accept that conclusion as the "culture" of Belize. It bothers us, but not that much.
Probably the biggest thing that bothered us, was the article by Glenn Tillet, which showed that Nestor Vasquez and Lawyer, ex-wife of the Prime Minister, Dean Barrow, criminally and with pre-meditation, broke the law. See article following.
From FACEBOOK...
Re – Unlawful Decision of Belize Social Security Board to purchase shares in Belize Telemedia Ltd.
by Glenn Tillett on Thursday, November 4, 2010 at 12:14pm
1607 Mantaray Boulevard,
Ladyville Village,
Belize District, Belize.
3 November 2010
Lois Young Barrow
Chairperson
Belize Social Security Board
Belmopan City
Cayo District
Belize
Dear Ms. Young Barrow,
Re – Unlawful Decision of Belize Social Security Board to purchase shares in Belize Telemedia Ltd.
I am a contributor to the Belize Social Security Board (BSSB) Fund and an insured person under the provisions of the Social Security Act (the Act).
Yesterday, November 2nd 2010, the BSSB by a vote of 5 to 4 took a decision to purchase 20% of the shares in Belize Telemedia Limited (Telemedia) at a price of $50 million. The two trade union members and the two private sector members on the BSSB voted against the Board’s purchasing shares in Telemedia. The five members appointed by the Minister of Finance voted in favour of making the investment. As Chairman of the BSSB you presided over that meeting and voted in favour of decision to purchase shares in Telemedia while being the company secretary for Telemedia.
As company secretary of Telemedia you had and have an interest in the matter of promoting the sale of shares in Telemedia and as Chairman of the BSSB you presided over and participated in the discussion and voting on the question of purchasing shares in Telemedia in breach of Section 10 of the schedule to the Act. We also note that your son is a director of the board of Telemedia and also has an interest in the sale of shares in Telemedia.
Further, on or around 21 September 2010 Mr. Net Vasquez, as Chairman of Investment Committee of BSSB, voted in favour of recommending that the BSSB purchase shares in Telemedia, a company of which he is the Chairman.
The situation is further compounded by the fact that the unions and the private sector organizations which sit on the Board as independent, non-government appointees, have serious questions about the investment decision.
As a result of your actions and clear conflict of interest in this matter, I have been advised that the decisions of the Investment Committee and the BSSB yesterday are unlawful and void for the following reasons:
First, section 10 of the Second Schedule to the Social Security Act provides that
“If any member of the Board or other person present at a meeting of the Board is directly or indirectly interested in any contract or proposed contract or other matters/ he shall, at the meeting and as soon as is practicable after the commencement of the meeting disclose the fact of his interest and shall not take part in the discussion, consideration or voting on such a contract or other matter.”
Second, section 50 of the Interpretation Act of Belize prohibits any member of any board or committee who may have a direct or indirect pecuniary interest in any matter under consideration by such board or committee from participating in any vote on such matter.
Third, BSSB is a public body and decisions of this body must appear independent and impartiality, which they did not in this instance.
In light of all this, I am respectfully requesting that you immediately bring this matter to the attention of the BSSB and my request that this illegal decision to invest $50 million of contributors' money into acquiring shares in Telemedia be formally reversed immediately.
Grateful for your urgent attention to this matter.
Sincerely,
There followed a week of news announcements and interviews with the Prime Minister on television, in which he himself tried to keep his voiced answers legally seperate, from those of his party newspaper. The GUARDIAN NEWSPAPER was in articles, plain lying to the Belizean voters in my opinion, when they claim a 15% dividend would be the return on $5 a share. Like all lawyers and we had our fill of this CRAP under the previous Prime Minister, Said Musa, the current LAWYER, PRIME MINISTER, Dean Barrow while separating himself with what he says personally in response to media interviewers, from his newspaper which can hardly give out such propoganda lies without his knowledge and consent. That is my opinion. So there is a lying campaign going on, in order to peddle BTL shares to the unsuspecting public voters. Just my opinion from the facts available to me.
It bothers me that a man who had been robbed four times in the past year, bought himself a bullet proof vest to protect himself from either death, or maime. In my opinion every darned shopkeeper in the port town should be wearing a bullet proof vest. The legal system sent the man to jail for a whole year, and now he cannot support his wife and kids. Such a ridiculous sentence, such a ridiculous law bothers me, but it is the protected status of Nestor Vasquez and Lawyer Louise Young in comparison, as political puppet and ex-wife relative status, that makes me very angry with the perceived corruption in the UDP, run by Prime Minister, Dean Barrow.
In the vote on whether the Social Security Board bought BTL shares or not, does not bother me. Even though we were originally told it was a million shares the SSB were going to buy, and at the last minute we are told it is now $10 million dollars. Or 50 million shares of BTL. Others can argue the merits of that choice. What destroyed my faith in the Prime Minister, Dean Barrow and his portion of the UDP ( I like some of the UDP elected representatives, they are doing good jobs ) was the criminality, done in open, blatant, in your face, as claimed by Glen Tillet over the illegal Social Security Board vote, which according to Glen Tillet are in violation of the law. Nestor Vasquez is but just a puppet of the Prime Minister, but Louise Young knows much better. At the least she should be DISBARRED as a lawyer and I would like to see them both get a million dollar fine and 25 years in jail. Never happen in the corrupt politics of the system in Belize. They are the senior trimuverate of the UDP political party and just as corrupt as Said Musa, Fonseca and Godfrey used to be in the former PUP administration. That is my opinion. Dean Barrow, Louise Young and Nestor Vasquez couldn´t work for me, and this corruption over the Social Security Funds seems infantile to me and never had to happen. Poor judgement and indicative of their mental set. Then there was the big hoopla and propoganda about the DEMOCRATIC VOTE in the Social Security Investment Committee, quoting 5 government appointees outvoting the 4 votes of the Private Sector. Stacked deck and all that, but Tillet already pointed out, that TWO of those VOTES were FRAUD, committed by persons of the UDP who know better and thus this FRAUD makes them hardened criminals, protected by the party, the Cabinet and the Prime Minister, if the legal quotes of TILLET are true? Anyway, we could say, these are the disatisfactions I feel with the BTL sale of shares process. The deal is not trustworthy in my opinion. It is a case of BUYER BEWARE. I´m disappointed and while I did not agree with some of the policy decisions of the Cabinet, on the whole, I thought they were doing a reasonably good job. To be faced with this corruption stuff, using cut outs, and sham maneuverings leaves me ashamed of our politics. Protecting these two UDP political criminals is par for the corrupt UDP government. I expect no better from this Prime Minister and while a good father is incarcerated for protecting his life and health, for buying a bullet proof vest and wearing same, he sits in jail for a year, leaving his wife and kids destitute, the comparison between Nestor Vasquez and Louise Young and the father in jail, makes me angry and sick.
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