This is from one of the papers - The Guardian. Biggest news for Freepers is that Prosser is represented by, ta - dah - LANNY DAVIS. Yes, THE Lanny Davis.
Article:
On Tuesday January 18, 2005, the Belize Telecommunications Limited (BTL) issued a press release outlining another insane plan involving Intelco, BTL, and the RBTT Merchant Bank. The release further made an unfounded claim with respect to proposed payments to the Social Security Board (SSB) for assets held by Intelco. Finally, it stated that it has committed to returning the original ‘B’ shares in BTL to the Public Services Union (PSU) and the Belize National Teachers Union (BNTU) in exchange for the previously issued ‘C’ shares. The release suggested that the unions have delayed the transfer of shares.
Incidentally, this release comes on the heels of legal action brought against the Board of Directors of BTL by a group of minority shareholders including the Unions. The Judge hearing the case had indicated that he intends to pursue the matter and had issued an investigation of the Board’s activities. His decision for Judicial Review would be based on this pending investigation. No doubt this release is intended, among other things, to pacify the minority shareholders.
The Presidents of both the PSU and the BNTU reported that on Friday they were invited to a meeting with the Government’s Legal Advisor, Gian Ghandi. Upon entering the venue, they discovered that Prosser’s legal representatives were also present. The Union Presidents then left the meeting, contending that it was highly unethical for Ghandi to convene a meeting between them to discuss the legal action brought on by the minority shareholders when the other party to the action was not present.
We have to reiterate that Intelco does not owe SSB any money. Furthermore, Intelco remains in receivership and Mr. Cedric Flowers is still the appointed receiver. Mr. Flowers has yet to make any public report or request offers for the purchase of Intelco’s assets and as far as we are informed, there is no change to his arrangement with respect to his position as receiver. Until we get official word from Mr. Flowers or until RBTT changes the arrangement, we remain convinced that these claims of repaying SSB are mere attempts at fooling Belizeans.
The ‘meat’ of the release deals with a proposed arrangement that Prosser and ICC intends to execute with RBTT and the Belize Telecom Limited, the local company set up by Prosser and ICC to purchase the BTL shares. The release stated that the Board of Directors had confirmed a decision to “purchase a Note and security interest from RBTT Merchant Bank of Trinidad and Tobago secured by the assets of Intelco”.
As we interpret this new proposal, Prosser proposes for Belize Telecom Limited to take over Intelco’s Note with the RBTT. He would then impose upon BTL to acquire the assets in question in exchange for a Note to be issued to Belize Telecom Limited. BTL would then pay Belize Telecom Limited as per the issued Note after which Belize Telecom Limited would use such proceeds to pay off the RBTT Note. After all, how can Prosser and ICC find funds to purchase the Note upfront when it cannot pay for the majority shares that would allow him to make such decisions on behalf of BTL?
Channel 7 News added another twist to this sad affair when it reported that the Government has turned over the former Carlisle shares to the RBTT as a good faith measure to indicate approval of Prosser’s latest proposal. Normally we would have called on the Government to rein in Prosser in such a mad move but this latest development exposed by Channel 7 News basically renders the Government an accomplice. This is very credible as we are aware that the Government desperately needs the US$59.7 owed by Prosser and is obviously hoping that RBTT may eventually provide Prosser with the funds he needs to finalize the Purchase Agreement.
This whole Prosser/ICC/BTL episode is totally ridiculous. The Government needs to void its arrangement with Prosser and recover the former Carlisle shares for the people of Belize. Prosser and ICC have attempted to commit BTL to one dubious financial arrangement after another, even though he only owns 26 percent of the company. If Prosser can use BTL’s revenues to try to solve his financial problems, the people of Belize can do the same. If RBTT is willing to provide financing for Prosser to pay for the BTL shares then surely the Government can accomplish the same on our behalf. The possibilities are endless.
We truly cannot comprehend why this Administration would continue to encourage these numerous mad escapades of Prosser. This man came here with a bad reputation and during his time here he has cemented that reputation. The only logical reason we can suggest for the Government’s unending accommodation of this man is that ‘pirates of a feather flock together’. If the Government will not rid us of the pirates who continue to rape us, we will eventually have to get rid of them by ourselves. That process may well have started already.