7 News Belize

BEL “Bruk”?
posted (May 13, 2011)
And the only match for Okeke in terms of volume complaints is BEL: so while he whines about a sugar shortage BEL is complaining about a cash shortage.

The company held its annual general meeting yesterday where it lamented a downturn in profits from 8.9 million dollars in 2009 to 3.4 million in 2010.

And - according to the power company - because of the meager profits it remains in breach of loan covenants - which is why it says it can't pay dividends for the third year in a row - including those to the Social Security Board, which owns more than a third of the company.

Of course, BEL is blaming the PUC, and a quote from CEO Lyn Young says that, "for the last three years it seems like the PUC has misconstrued its responsibility to balance the interest of the consumer and the Company….the PUC…seems obsessed with destroying what we have built over the last thirty years."

Strong words, but in line with the tone that Young's boss, Stan Marshall took two years ago when he said he doesn't know what the people at the PUC are smoking.

For its part, the PUC was recently vindicated in one major case against BEL when the Supreme Court found that the rate settings for the year 2008-2009 was valid and correct.

Home | Archives | Downloads/Podcasts | Advertise | Contact Us

7 News Belize