Despite all the public uproar, Nature Fresh Belize Limited - has reportedly already gotten initial approval from the Social Security Board of Directors for a 14.9 million dollar loan. The board now has to make a further deliberation to consider feedback from the public after the public notice was issued.
And with public approval being a major part of the process, Nature Fresh today issued a statement making the case for itself.
It cautions that, quote: "the various negative opinions circulating in the media are based on emotions rather than facts…."
The release goes unto explain that in its previous incarnation, the company Fresh Catch exported tilapia to the USA, Mexico and Guatemala and employed over 65 people.
The company could not meet its debt servicing requirements an agreement for a buyout was worked out where the new company, Nature Fresh, would not be saddled with the burdensome debt that eventually crashed its predecessor.
It was pitched to the Social security Board Investment Committee - and after an exhaustive due diligence, the loan was approved at a rate of 8% - which is better than the 5.5% that the banks are offering to the SSB.
The release closes by saying, quote: "This venture is not about fleecing SSB's funds…but it is about re-starting a business, which will generate employment in an already struggling economy…and aid to the growth of the country."
Will it be enough to swing opinion in favor of Nature Fresh - after Cabinet has weighed in disapprovingly? We'll have to wait and see how that one goes. SSB Chairman Lois Young yesterday refused to discuss either the timeframe or the status of her board's deliberations….
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