There are problems in the citrus industry again tonight. And this time, it's not about early oranges, it's about payment for those oranges.
A press release issued by the citrus products of Belize Limited today gave the dire notice that CPBL does not have sufficient funds to meet the full fruit payroll due on Thursday November 17th 2011.
The pay out is 2 million dollars and the problem is that the company directors representing the Citrus Growers Association have refused to approve the signing of Security Documents required by CPBL's Bank.
CPBls' release today advises growers that quote, "unless the Security Documents are executed urgently, CPBL management will have no further recourse but to temporarily suspend the receipt of fruit for processing until the financing facilities can be accessed."
Up to newstime we did not get a release from the Citrus Growers but we expect to have a response by tomorrow.
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