Administration, Financial & Sales Division - Citrus Research & Education Institute
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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