They’ve been pegged as the hard pay stars of the century but tonight
the Novelo brothers insist they can pay the millions they owe the Development
Finance Corporation and are going to sue their creditors to prove it.
The embattled businessmen made that bold statement today after both Tony and
David appeared before the Supreme Court Registrar Aldo Salazar to swear under
oath that all their assets and property have either been seized or are on mortgage
to the local banks. As Tony put it, and we quote, “I am a broke man...I
have lost everything...the banks have taken everything...I’m lucky I have
this shirt on my back.”
David told a similar story, claiming that his current salary is tied up repaying
loans in his own name to the Belize Bank and Scotia Bank. But while both men
say he cannot satisfy the debt personally, they insist that if the receivership
of Kevin Castillo, who was jointly appointed by the DFC the Atlantic Bank, were
probed and a financial accounting of their former company were produced, they’d
have money to collect and would then be in a position to repay what they owe.
That’s because according to them, when receiver took over there were approximately
eighty properties in collateral, which along with other assets, amounted to
ninety-eight million dollars in surety.
But those claims did not persuade the DFC’s attorney Michel Chebat in
the least. In February, he secured a default judgement to go after the personal
assets of the Novelo men for twenty-four million dollars. Disregarding Tony
and David’s calls for an investigation, Chebat proceeded to assess the
personal financial standing of each man to determine their ability to repay
that sum.
During the examinations of the brothers, Chebat asked about shares in new companies
that he says have been transferred to other family members; the existence of
bank accounts in Mexico; and about property in Belize which may be freehold
title. Both Novelo brothers disputed those suggestions and outside the courtroom
told 7NEWS that in addition to filing an application
to set aside the default judgement against them, they also intend to sue the
DFC and the Atlantic Bank to force them to produce an accounting of the current
financial state of their former company.
The DFC’s examination of the men has been adjourned until December fifth
when Hipolito Novelo, Tony and David’s father, will have to answer Chebat’s
questions about his financial and property affairs.
The Novelo’s are represented by Dr. Elson Kaseke.
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