Panton questions BZ$40 million HRCU loan to BEL, demands full disclosure

By Breaking Belize News Staff (HP): Leader of the Opposition Tracy Taegar Panton is demanding answers over a reported BZ$40 million unsecured loan from Holy Redeemer Credit Union to Belize Electricity Limited, questioning whether the interests of HRCU members were adequately protected.

In a statement issued Monday, Panton said BEL’s audited financial statements reportedly disclose the loan at an effective interest rate of 5 percent per year, repayable over 60 months.

The Opposition Leader said the transaction raises serious questions about how such a large loan was negotiated, assessed and approved.

Panton wants HRCU and the relevant authorities to explain why the loan was reportedly unsecured, what risk assessment was conducted and what safeguards were established to protect members’ funds.

She also questioned whether ordinary HRCU members would have access to comparable borrowing terms.

“Who is protecting the members of Holy Redeemer Credit Union?” Panton asked.

Panton, who identified herself as a long standing HRCU member, is calling for disclosure of the loan agreement, approval records, repayment terms, risk assessments and details surrounding any security arrangements.

She also wants an independent review to determine whether the transaction complied with applicable laws, regulations, lending limits and internal policies.

Panton stressed that her concerns center on accountability for an institution built on the savings of ordinary Belizeans.

“Working people’s money must never be treated as the Government’s private financing facility,” she said.

The statement represents Panton’s allegations and questions regarding the transaction. It does not, by itself, establish that HRCU, BEL or government officials violated any law or lending requirement.

The post Panton questions BZ$40 million HRCU loan to BEL, demands full disclosure appeared first on Belize News and Opinion on www.breakingbelizenews.com.