Two weeks ago we told you about the Belize Bank moving on Luke Espat's various assets and businesses. The bank, we are told, intends to put his various enterprises into receivership - but at this time that does not include the Port Of Belize and Renaissance Towers. 7news has learned from multiple sources that Espat's debt to the bank is more than 90 million Belize dollars.
The Belize Bank is also tightening the noose on the Novelo's and their company Bel-Bus Limited - which handles tour busses. Notices appearing in the newspapers say that effective first December a receiver was appointed for that company.
But, the Novelo's - having some experience in such matters - are not making it easy for the bank to lay hands on their assets. Some assets we are told have been transferred to Belize Transit Services.
And, sources tell us, there was a mini-showdown in Belmopan today over 10 buses which were being held at a private property in the capital. Today agent for the receiver Marlon Skeen went into the property to re-possess ten luxury buses. It was a matter of some difficulty as the buses were disabled - with their batteries and other electrical components removed, and there was an attempt - we are told - to block him from towing away the buses - reportedly valued at over one hundred thousand dollars each. We are told that 8 of the buses were re-possessed.
And while that is what's happening on the ground, as we understand it, the position of Bel Bus is that the company is disposed to cooperate with the receiver but he has not passed on a list of which assets the bank wants.
And while the movements against these rather large players is a matter of much interest, the question is how far the bank intends to go against those who are in debt default - even in cases where bank affiliated companies have an equity stake in the companies being foreclosed upon.
That will be answered in days to come - but there is widespread apprehension in many areas of commerce - about the movements of the Belize Bank's Group Risk Unit, which has been brought in to mop up the Belize Bank's messy bad debts portfolio.
David Novelo from the Novelo's group called our newsroom to say that he has re-taken possession of those ten luxury buses - which he says were dragged away without legal authority by an unauthorized agent for the receiver.
He says they - the Novelo's - can enforce possession of the buses because the Belize Bank is seeking to foreclose upon a debt which it does not own. The debt, says Novelo is actually a debt from the British Caribbean Bank - given to a limited liability company constituting the Novelo's and - they claim - a company affiliated with the Bank's business group.
A very unusual arrangement, but it is confirmed by multiple reports we have heard today.
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