Yesterday in the National Assembly, the Prime Minister challenged those who control the charitable trusts which own Telemedia to turn over that control to the employees of the company. That hasn’t happened, but something unusual did happen. Telemedia sent out a release from a previously unheard of group called the Hayward Charitable Trust. According to the release, Hayward is the majority shareholder in Telemedia.

And the news is that the group today purchased US$5 million in Belizean Superbonds at a discounted price of thirty-seven point four cents on the dollar. According to the release, the low price is an indication of the financial community’s lack of confidence in the Belizean economy. It goes on to say that this government or the next one can get things together so that Hayward and consequently Telemedia can make a profit on these bonds.

What the release doesn’t say is that in a global recession, all securities are trading down and those from emerging markets like Belize are not spared. But even more important is that through this and subsequent Superbond purchases, Hayward – which is controlled by Ashcroft related interests can have a consequential effect on any future borrowings Belize may make on the capital markets. And any large investor could also drive down the value of the bonds. So make no mistake, the Hayward Investment suggests the possibility of a power play, and however benignly announced, that play seems positioned to put the Government of Belize on notice.