On Thursday evening, the media received a press release from Citrus Growers Association (CGA) with distressing news. The press release has to do with the annual full payment of Citrus Product Belize Limited (CPBL) to members of CGA and BCM (Belize Citrus Mutual). The press release addressed all members of CGA informing them that the partial full payment leading up to the promised full payment in mid October would not follow as planned. As you can imagine, this enraged the associations and in the words of the press release, “We find this to be unacceptable.” According to the press release the CGA had immediately advocated for a meeting with CPBL to “deal with this pressing issue”. On Friday, we got in contact with the CPBL’s Chief Financial Officer Kent Herrera who explained to us more about this full payment
Mr. Kent Herrera- CGA Chief Financial Officer
“This payment is a result of what we call The Final Payment for the 2012, for the 2013 crop year. Now, because of cash flow we had only saved a portion we have only made a portion of savings mark then, erupting to about 44%-45%. Although we owe that portion of money, and we have constantly seen the factory and the association updating them and when they expect to see remaining balance”.
They had been updating them and according to another press release sent from CGA, CPBL was unable to meet the full payments due on September 15th. CPBL had then promised them to make a partial payment September 26th which would lead to a full payment in mid October. But again CPBL failed to comply due to cash flows issues. Kent Herrera related the tentative plan that has been agreed upon with the different bodies.
“The amount that is owed is not indistinct. It’s not now to put together the finances to make the payments now, and it’s a powerful subject to keep afloat, but it’s a time of that kind of incident that we are expecting, which will eventually allow us to make that payment. The tentative plan accounts chiefly on that balance to pay by next week. We tried to see as important as not to suffocate at them too. Sometime in the month of October, of it might be later on in the same month of October, no?”
We asked Kent Herrera if there will be any compensation incurred due to this delay.
“We promised to pay the growers an inter, an inter from the amount which has been in purse for every day for every dollar that is outstanding for them. So, I think we have a clear understanding within all the parties and that you would expect at least in front of the year is anxious to get a pinch, and we fully understand that. The growers need their money, they have fertilizer devils. The new pass is about to start. So, we are very much aware of that and we are working as fast as fast as we can to make documents. So, it’s not unusual for the association to be putting in a level of urgency and this type of thing, no? “