THE AIBL SOAP OPERA

71
255

Friday, May 17, 2019

The drama unfolding in the Atlantic International Bank Limited (AIBL) case seems like it’s straight out of a poorly scripted soap opera.  There are recent reports that Senator Aldo Salazar was detained and questioned, at the request of the US Federal Trade Commission, in regard to the role Atlantic International Bank Limited played in the Sanctuary Bay real estate scam.  Senator Salazar is listed as the legal representative for AIBL. Luckily, the Senator, it seems, was more than happy to share copious amounts of information and will more than likely be called to testify at hearings.  It appears that there is a civil suit seeking damages for the victims of what is known as the biggest real estate fraud of its kind.

One of the many functions of the Central Bank of Belize is to be the lender of last resort and at the same time the regulatory body for the financial sector.  In simple terms this means that the Central Bank can extend credit to financial institutions that are experiencing unusual circumstances and are unable to get credit elsewhere and whose collapse would have adverse effects on the economy.  It also always has the responsibility of monitoring and the supervision of all financial institutions ensuring that they operate within the standard rules and regulations of this sector.

Certainly, the shortcomings of the Central Bank of Belize in this sad fiasco are glaringly apparent.  There seems to have been very little supervision and due diligence on the part of the Central Bank, and one is left to question the motive for the lax attitude.  Could it be that this financial institution enjoyed special privileges because of its political connections?  The fact remains however, that the closure of the AIBL has serious repercussions on the Belizean economy.  It could potentially implicate its sister company Atlantic Bank Limited and risk their corresponding banking relationships.  Even the Central Bank’s few and tenuous corresponding banking relationships may very well be in serious jeopardy.

The PM recently announced that he has met with the US Charge d’Affaires.  The discussion centered on a purported “settlement.”  He said “the question is how to reconcile the FTC’s interest…victim compensation and our interests…”  The PM went on to say that he wants “whatever cloud the AIBL saga has caused to be lifted from over our jurisdiction.”  The US investors have been defrauded over US $100M, allegedly with the help of the AIBL.  This is a price that Belizeans must now pay for the Central Banks’ negligence.

Belizeans are going to be left footing yet another bill for yet another UDP Government disaster.  This is the price we must pay Uncle Sam so that we do not lose corresponding banking relationships and receive yet another black eye before the international financial community. For this one…. the truth is unfolding… appears it’s far beyond what the eye can see and will catch several big fishes. This saga reminds us of one of those well-scripted soap operas on Netflix that develop the incestuous relationships in which financial institutions and privileged families and cronies participate.

This is another expensive band aid that tries unconvincingly to cover the gaping truth that is the ineffectual governance in our country. It seems that time and again Belizeans must suffer and pay through the nose for the blunders, arrogance and gross incompetence of the current UDP Government of Belize.  Basta Ya!

71 COMMENTS

  1. Great blog here! Additionally your website a lot up very fast! What host are you using? Can I get your associate link to your host? I want my website loaded up as quickly as yours lol

  2. “One thing I want to say is the fact that before buying more laptop memory, check out the machine into which it can be installed. If your machine can be running Windows XP, for instance, the actual memory threshold is 3.25GB. Putting in in excess of this would easily constitute a waste. Be sure that one’s motherboard can handle an upgrade quantity, as well. Great blog post.”

  3. zkrDES Spot on with this write-up, I actually assume this web site needs rather more consideration. I all probably be once more to read way more, thanks for that info.

  4. Disfunción Eréctil Primaria: Se considera disfunción eréctil primaria cuando el hombre nunca ha podido obtener una erección en toda su vida. Es la incapacidad de conseguir o mantener la erección más del 20 por ciento del tiempo.

  5. Howdy! I know this is somewhat off topic but I was wondering if you
    knew where I could find a captcha plugin for my comment form?
    I’m using the same blog platform as yours and I’m having
    difficulty finding one? Thanks a lot!

  6. I blog quite often and I really thank you for your information. This great article has really peaked my interest.

    I am going to bookmark your site and keep checking for new details
    about once a week. I subscribed to your Feed as well.

  7. Having read this I believed it was rather informative.
    I appreciate you spending some time and effort to put this article together.
    I once again find myself personally spending way too much time both reading and posting comments.
    But so what, it was still worthwhile!

  8. hi!,I really like your writing so a lot!
    share we be in contact more about your post on AOL? I require a specialist on this house to
    resolve my problem. Maybe that is you! Having a look forward to look you.

  9. I’m truly enjoying the design and layout of your website.
    It’s a very easy on the eyes which makes it much more enjoyable for me to come here
    and visit more often. Did you hire out a designer to create your theme?

    Outstanding work!

  10. Im no professional, but I believe you just made the best point. You clearly understand what youre talking about, and I can really get behind that. Thanks for being so upfront and so truthful.

  11. Wow! This can be one particular of the most beneficial blogs We ave ever arrive across on this subject. Basically Excellent. I am also an expert in this topic so I can understand your effort.

  12. Link exchange is nothing else however it is only placing the other person’s website link on your page at proper place and other person will also do
    similar in favor of you.

  13. Very interesting information!Perfect just what I was looking for! Peace, commerce and honest friendship with all nations entangling alliances with none. by Thomas Jefferson.

  14. Wow, fantastic blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your website is great, let alone the content!

  15. You have made some decent points there. I looked on the internet for more information about the issue and found most individuals will go along with your views on this site.

LEAVE A REPLY

Please enter your comment!
Please enter your name here