Wednesday, February 4, 2009

Subject of Belize Still Intense

Luis Fernando Pérez, the former chairman of the Foreign Relations Committee of the Legislature, said that when the government sent the request for a referendum on the topic of Belize, that chamber must issue its opinion, but the discussion could be intense.

He commented that due to the complexity of the situation, members should consider this carefully with focus and maturity. He said: "Until it arrives on the floor in Congress cannot address how to go about having the discussion, but what is certain is that the discussion will be intense."

Meanwhile, the judges of the Tribunal Supremo Electoral have not made a projection of the cost of the referendum on the issue, and when the president shall make the request.

Body of Fisherman Found in Bahia Amatique

The body of fisherman Luis Alberto Gonzalez Garcia, 28, was found today floating in the Bahia Amatique by the Guatemalan Red Cross, Port Santo Tomás de Castilla, Izabal. Gonzalez died after the sinking of a boat carrying him and two others who survived.

Gonzalez was lost last Saturday. The survivors said that a huge wave hit their crude fishing boat in front of Green Bay. The wave swamped the boat and the heavy weight of the outboard motor caused the boat to nose straight up and sink by the stern. The accident is being blamed on bad weather.

One of the survivors said that after swimming for four hours, they arrived at the beach of Santo Tomas de Castilla and Navy personnel helped them.

Banking Law Reform

According to the head of the SIB, Edgar Barquin, the new amendments are still being fine tuned but they are intended to give more powers to the supervisory authority of the financial system, the Monetary Board. The reforms also seek to strengthen the management of risks and the requirement of a risk rating for banks.

The reforms provide a legal framework based on technical accounting and operating standards of the Basel Committee and regulations for the management of credit.

Enron Halts Demand Against Banguat

Bankrupt U.S. company Enron Corporation withdrew its lawsuit against 120 entities, including Banco de Guatemala (Banguat) from which it was demanding US $14.98 million.

In 2001, over a 23 day period, Banguat bought and sold shares of Enron one month before the firm went bust. Enron therefore inferred that Banguat must have had inside knowledge of Enron's impending collapse.

The withdrawal terminates litigation initiated five years ago in 2003. A judge in the bankruptcy court of New York accepted desist orders terminating the actions against the 120 entities.