Administration, Financial & Sales Division - Citrus Research & Education Institute
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Hostile Takeover of CPBL!
On Friday 12th October, CPBL held its AGM and I had the privilege to attend and to represent the voice and vote of all citrus growers in the Citrus Grower’s Trust. It was my first ever such attendance and I am now resolved that there be no other such experience.

What I heard and witnessed was stunning. There exists an intensely , adversarial and confrontational atmosphere between the Majority Shareholder (Belize Citrus Growers Investment Company Ltd or BCGAICL) and the Minority Shareholder (Banks Holdings Ltd or BHL) which seems designed to benefit of the Minority Shareholder at the expense of the rights the Majority Shareholder. A litany of many examples was cited at the meeting but suffice to mention the following few:
  • A company owning 2000 acres of citrus groves and equipment, one in which CPBL has keen vested interests, allowed its controlling shares to be sold to Dr. Henry Canton, the details of which are extra-ordinary and require nothing less than an urgent, forensic investigation to remove the glaring perception of insider trading.
  • CPBL, the company belonging to the Majority Shareholder, does not contribute a penny to CGA’s fight against the dreaded HLB disease or to its research and extension services offered to growers despite a Board decision for CPBL to do so.
  • FCIB Barbados, initiated an in depth study of CPBL operations, its subsidiaries and management by Price Waterhouse Cooper at a cost to the company of $USD190 thousand dollars yet this completed report, along with pertinent recommendations, has not been shared with the Majority Shareholder or the Shareholders of the company.!
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CREI’s Agronomists Undergo GIS Training through WWF
On October 30 to November 1, 2012, personnel from the Citrus Research and Education Institute (CREI) will attend an intense 3 day Geographic Information Systems (GIS) training course being conducted specifically for CREI’s Agronomy staff at CGA’s Administrative complex. This training is being organized under the auspices of the World Wildlife Fund (WWF).
Citrus Fruit Third Payment for 2011 - 2012
Final prices for oranges and grapefruit delivered to Citrus Products of Belize Limited (CPBL) for 2011-2012 crop year have been announced. These prices are accepted pending critical review by the Citrus Growers Association and in the interest of a timely payment to growers. There are material issues that require closer examination and reconciliation before this third payment is accepted as the final payment.
Letters to CPBL Submission
October 11 2011
Mr. Kent Herrera
Chief Financial Officer
Citrus Products of Belize Ltd.

Dear Mr. Herrera,

I respond to your later dated September 19th 2011 to clarify certain points for the record. Our letter of September 14th2011 captured the essence of the discussions between CPBL and CGA representatives. All questions and clarifications raised were mentioned in the letter to get an
official response and to get responses to issues that were not properly addressed by CPBL in the meeting. To suggest that you are re-clarifying is not fully accurate. For ease of continuity I will provide our response to your letter in the same order provided in your response to ours.

To read complete Letters to CPBL Submission click here.

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