7 News Belize

Fresh Catch/Nature Catch Loan Torpedoed By Cabinet
posted (June 14, 2011)
Fresh Catch Belize Limited - a large-scale Tilapia Farming Operation owned by the Mena Family - went into receivership in July of 2010.

Since then the Mena's have been trying to resuscitate the operation - and with Senator Godwin Hulse doing the pitch, they presented their plan to the Social Security Board Investment Committee.

And, it worked. After doing its due diligence, the investment committee approved a loan of 14.9 million dollars for ten years at 8% to a new company comprising essentially the same principals; this time it's called Nature Fresh Belize. The loan still has to be approved by the Social Security Board - and a notice has been published inviting comments from the public.

Since then, it's been a source of controversy, due to the 14.9 million dollar figure, the fact that it is to bail out a failed company, and with the same group at the helm.

That controversy has been furiously fanned by the hosts of the Fus Ting Da Mawnin on the UDP's WAVE Radio who insist that the Mena's should have taken their proposal to a commercial bank - and not to the Social Security Board.

And it seems Cabinet is on the same page. An unusual cabinet release from the office of the Prime Minister which went out this evening at 5:30 says that Cabinet discussed the proposed loan - and does not support it. The release hastens to add that, the decision, however is strictly for the Social security Board - which does not act on Cabinet directives. Indeed, it does not, but it would be unusual for it to act against such a clear, public position taken by Cabinet.

The release adds that Cabinet is pleased that SSB is working the process and allowing for representations from the public to be made before any loan decision can be finalized.

It adds - with more than a hint of suggestion - that "with the public now weighing in, SSB will take on board all representations before concluding the matter."

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