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Ramirez And Bailey Say SIF Told Their Bankers To Proceed After Corruption Was Known
posted (September 18, 2013)
The scandal at the Social Investment Fund is still simmering this evening as there are many loose ends in a tale of what appears to be corruption run amok in an institution that was widely perceived to be above board.

Our coverage tonight begins with the two local investors who found out the hard way that "what appears to be and what is" at SIF are two very different things. Last night Emy Ramirez and Lyndon Bailey listened as Minister with responsibility for SIF, Santiago Castillo Jr said that Government had no money to refund them. That's after they gave hundreds of thousands of dollars in bridge financing to Kennard Smart's company so that he could try and finish the Dangriga Market.

Today we got their reaction to that announcement, along with commentary from Ramirez's attorney Audrey Matura Shepherd:..

Audrey Matura Shepherd, Attorney For Emy Ramirez, Investor
"I'll tell you what happened was that they had to accept that there has been wrong doing at SIF and that wrong doing at SIF has had vast financial implications on my client."

"Of course we are a bit elated that finally the officials are taking heed that something has been wrong at SIF for a while. We would hope however that these people aren't just used as a scapegoat to try and pretend that everything is solved because everything is not solved."

Jules Vasquez reporting
The main unsolved issue is the fact that these investors, Emy Ramirez and Lyndon Bailey put five hundred thousand dollars into the project - which Government says they can't expect to get back from SIF:

Hon. Santino Castillo - Minister of State with Responsibility for Economic Development
"Unfortunately for them our contract is with Mr. Smart, K and G Construction. We have no contract with Gush and Emy and with Lyndon Bailey."

Audrey Matura Shepherd
"For the Government or anyone to say that clearly it's their view. We would be able to prove otherwise in court. I will not discuss the extent of that. We have enough information to show that when my client chooses to invest in this project, it could not have been done without assurances from SIF."

"SIF wrote a letter to the bank and assured the bank that there is money there to the tune of $780,000 and that she would be receiving a substantial payment, thus the bank kept on providing the facility. That can't be taken likely."

Matura-Shepherd says that SIF Officials failed to disclose to her clients what they knew very well when they came on board three months ago, that allegations of serious corruption ahd already been made:

Audrey Matura Shepherd
"Now they have dismissed people from SIF and they had asked the Director to resign. You have to understand that while all of this was happening with SIF. SIF knew, SIF officials knew what was going on. Apparently their red flag was long before my client came on board."

But they say that this document shows SIF was trying to engage them by arranging a payment. But this purported K and G invoice for eighty three thousand dollars came from Daniel Cano's hand to Emy Ramirez who signed that she received it and then had a change of heart:

Emy Ramirez
"Mr. Cano presented me with this paper and said to sign this. Mr. Bailey, my husband and somebody else was there (he encourage to sign because we needed the money). I did put my name on it but then I ask him 'to be reviewed' and he said to be reviewed. So, I put Emy Gilharry Ramirez and I put to be reviewed. But when I realized and I looked at it it had submitted by Emy Gilharry Ramirez and it had K and G logo on it and I never prepared anything, so I felt that it was something not right because it's purporting that I had prepared this document. So, I put a NO and a X."

Audrey Matura Shepherd
"You have to ask how come Mr. Cano was able to get a letterhead of K and G and how could they now on their own go about and prepare a payment as though K and G in collaboration with client prepare that document. That in itself is an impropriety because my client can assure that she never prepare that document and up to today Mr. Smart has never admitted that he prepared that document, so how could Mr. Cano used an official letterhead and prepare a document and presented it to my client."

"It is up to the SIF officials to investigate what Mr. Cano was doing and how much he was working along with K and G or if Mr. K and G even knew that his letterhead was being used and that a payment was being foist on my client."

But at least one of the investors says he knew something was up:..

Lyndon Bailey
"First he had told me this, that he have a lot of information with cheques and so forth but I didn't see it at that time, but this guy was a desperate person when he approached me. I know he would have leak out his whole guts to get my money to put into that project. I think the same thing that he has done to me he have to Mrs. Emy."

Daniel Ortiz
"Why did you guys got on board knowing there is an appearance of something wrong?"

Lyndon Bailey
"We didn't know before."

Audrey Matura Shepherd
"When my client entered into this agreement as she had instructed me she never knew about any impropriety and she would have never felt there was any impropriety because remember she got letters of assurances, she got emails, communication with SIF officials namely Mr. Raymond and Mr. Cano that made her feel very confident that everything was overboard. None of them alluded to their being monies not being able to reflect what's on the ground. None of them alluded to their being any problem with Mr. Smart. None of that happen."

And while that is cloudy, Bailey says, by virtue of right, there should be clear skies ahead:

Lyndon Bailey
"The truth will come out and I have no doubt that we will come out victorious because we are telling the truth. We were innocent people dragged into a muddy area."

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