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Jilted Port Owner Espat Explains Why He Was No Show At Court Last Week
posted (July 10, 2012)
Last week the Port of Belize was in the Supreme Court challenging the government for not fulfilling multiple agreements with the Port of Belize.

The case is being brought by the Port under the management of the Ashcroft Alliance receivers, but it really started with the previous owner Luke Espat.

It's he who signed those many agreements with the Musa Administration back in 2002, 2004 and 2005.

But they were never fulfilled - and he was oddly absent form court last week Thursday when the matters were argued. Today we got a chance to ask him why he wasn't in court - and why he didn't get the Musa Administration to honour the agreements it had signed unto:..

Luke Espat
"We were not there not by choice. We had contacted the attorney Mr. Courtenay who represented the Port of Belize and told him that we were available, we need to sit with the receiver, but I can't understand why the receiver would be so irresponsible and the lenders to not have involved us."

Jules Vasquez
"Are you concern that the receiver is not acting in the best objected interest of the Port as a business and a going concern?"

Luke Espat
"That is true, definitely that is true. His actions have demonstrated that."

Jules Vasquez
"These agreements must be upheld because you feel that for you - for your business the port must remain a going and viable concern and these represent significant economic interest."

Luke Espat
"Definitely so Jules, that represents almost 30% of equitable value in that port if not handled well and it would be irresponsible of me had I not responded for example this interview of us not being there or for me not to act in a responsible manner. This is not about the creditors; this is about preserving value of the Port of Belize. Today is a total disregard of the best interest of the port. We have not been contacted. The following case is coming up. As I read the commentaries that Mr. Barrow had to say that these are frivolous issues because of the legislative powers and that of the government - Mr. Barrow knows best that he is talking a bunch of crap. Commitments were made by the government; commitments were not kept by this administration - all for political reason of Luke Espat."

Jules Vasquez
"But to be fair Mr. Espat, many of these agreements were from 2002. We have the Commerce Bight Port lease of 2002, port licensing agreement 2002, January 2002 prospectus, share purchase agreement 2002, cruise terminal 2004, privatization corporation 2005 - all these was when your government was in."

Luke Espat
"No questions ask and that's precisely the point. If you notice this is not just a new issue. We told government if you check back the archives that we were going to take them to court on the issue of their commitments at the time of privatization. So by saying - has to go to legislation and has to go here, those were commitments that the government gave that they would have undertaken to do."

Jules Vasquez
"Well they never did and it was your government."

Luke Espat
"I can't complain to that. Things happen."

Jules Vasquez
"These agreements weren't ever taken to the National Assembly. They were undertakings given by the executive but they were never legislated."

Luke Espat
"Because the government at that time if you remember had changed - right about the time we sign the last of the agreements and were polishing them up - the election came up and the government change. That basically where it was. But that I say there was good intent of the past administration - in the end and not during the process."

Jules Vasquez
"The agreement started in 2002."

Luke Espat
"Because there is a process. I am a Belizean and I live here and so I can tolerate the politics, so I go through the motion, we continue to go through the motion, we understand the political element that get involve with these things and that does not necessarily means that what it is, is what it is."

Jules Vasquez
"But the political aspect may have been that a lot of these agreements were made not effectively activated because you are a political friend and these represent sweetheart arrangements."

Luke Espat
"Not so Jules, look in the share purchase agreement - the original document that was published, all this is doing is insisting on the interpretation of the document."

Jules Vasquez
"Do you regret not consummating these arrangements under the then Musa administration; the first one was inked during Musa one and it still wasn't consummated or activated during Musa two. Do you regret that?"

Luke Espat
"Yes definitely, these things are arbitrary and were around our neck the whole time and it has been problems really."

Jules Vasquez
"Whose fault was it that it was not consummated?"

Luke Espat
"Well you have to remember what the Musa government went through when they had their G7 uprising."

Jules Vasquez
"This is the G7 fault?"

Luke Espat
"No, I am not saying that it is, but I am saying his government was going through a turmoil time."

Jules Vasquez
"You think that you had consummated those when Musa was in power as you should have, you would be in a better position right now from a commercial point of view."

Luke Espat
"Yes definitely, oh God yes. It would have been so different."

Jules Vasquez
"So then you should blame Mr. Musa."

Luke Espat
"Again I am not here to blame anyone. If you notice I am...."

Jules Vasquez
"But you are blaming people left and right. You were duped, you were mishandled."

Luke Espat
"Let me say this straight. I can't blame Mr. Musa, it wasn't done, time and out. I am not here to complain on Mr. Barrow. Mr. Barrow has made it clear to me 'I will not waste political capital on you' so I accept that fact. That is living reality. There is a process, what do you want me to do. That's what we have to live with here Jules, that's the everyday life in Belize and that's why no local person will have the tenacity to do anything and then you will sit there and accused people like me - to say oh you blame this one and oh you blame that one. I am not here to complain or cry. I wear my boots straight every day because I know what I am getting into. I am not crying. I've taken the consequences and I move on."

And tomorrow we move on in part two of that interview when Jules Vasquez asks Espat is he really does owe 90 million US dollars.

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