Briceño’s Fortis Strategy Sparks Heated Debate in Senate

The debate over the Briceño administration’s two-hundred-and-fifty-six-million-dollar purchase of Fortis Belize Limited and its BEL shares heated up again today in the Senate. Leading the charge was Opposition Senator Patrick Faber. He argued that while buying Fortis might have been acceptable, Belizeans should strongly reject the administration’s plan to sell off those shares. Faber called the move reckless, questioning whether any of the investors named by Prime Minister Briceño last Friday have the expertise to run a hydroelectric company. Here’s how he put it. Government Senator Hector Guerra fired back immediately after.

 

Patrick Faber, Lead Opposition Senator

“Even if we accept the acquisition, we must reject the reckless plan to divest the very assets we have just bought. The prime minister says local intuitions, Social Security, Credit Union, one in particular wrapped up tight with the PUP, HRCU, insurance companies, even commercial banks are eager to buy shares. But let us ask the obvious questions, do these institutions have the expertise to run a Hydro company and the answer is they do not. I listen to Senator Courtenay say we have local experts and he boast the new company will be headed by Belizeans. And I don’t take anything away from the local Belizeans, but Fortis was not a local company. If you look at Fortis record you would see it has a longstanding history in energy and hydro electric generation. It is why the PUP decided to engage with them. This is their business and what they do. Now we are going to sell this company to people from credit unions and banks and social security to manage.”

 

Hector Guerra, Government Senator

“It will open doors for Belizean people. It will ensure that they can invest in such a critical asset and expect a return that will be made available to the public in general. Not just the entities mentioned by Minister Faber, but if one is familiar with the Treasuries Bill Act it is clear that it will be made available to the public in a whole, Senator Faber. Identifying key institutions which might take advantage does not mean it will end there. The wisdom of this government understands there is excess liquidity in the banking sector that can benefit form this investment.”