June 20, 2011

 

Nature Fresh Belize obtains US$15 million-loan

 

 

Large-scale tilapia farming operation Nature Fresh Belize Limited has obtained a loan worth US$14.9 million from the Social Security Board of Directors.

 

Owned by the Mena Family, Fresh Catch Belize Limited went into receivership by First Caribbean International Bank in July 2010. The parent company has since then been working to revive the business.

 

Senator Godwin Hulse made the firm's pitch as it presented the plan to the Social Security Board Investment Committee. The board now must decide whether to give consideration to feedback from the public after issuing the public notice.

 

As the company could not meet its debt servicing requirements, it devised an agreement for a buyout so that the new company, Nature Fresh, would not be burdened by the debt that pulled its predecessor to the grave, according to the media.

 

After performing its due diligence, the committee approved the US$14.9 million-loan for 10 years at 8% to a new company that makes up the same principles: Nature Fresh Belize. The loan must be approved by the Social Security Board (SSB); a notice has been published inviting comments from the public.

 

Controversy has spread since then due to the high monetary figure, the fact that it will be used to bail out a botched company and that the same group will be in charge.

 

"The various negative opinions circulating in the media are based on emotions rather than facts," the company cautioned in a prepared statement.

 

The release explained that in its previous form, the company Fresh Catch sold tilapia to the US, Mexico and Guatemala and employed more than 65 workers.

 

"This venture is not about fleecing SSB's funds but it is about re-starting a business, which will generate employment in an already struggling economy and aid to the growth of the country," the statement concluded.

 

Chairman of the Social Security Board's investment committee, Nestor Vasquez said the board believes the company will be able to generate the earnings necessary to pay back the loan.

 

"We are dead certain they have more than enough collateral," he added.