Leader of Opposition questions who bears the risk in BEL’s $40 million loan from Holy Redeemer Credit Union

By Zoila Palma:  Opposition Leader and UDP Party Leader Tracy Taegar Panton is calling for greater transparency over a reported BZ$40 million unsecured loan from Holy Redeemer Credit Union (HRCU) to Belize Electricity Limited (BEL).

Panton said the matter raises questions about how members’ savings are being managed and whether proper lending and governance safeguards were followed.

Panton noted that credit unions are member-owned institutions funded by the savings of teachers, public officers, small-business owners, pensioners and other working-class Belizeans.

Referring to BEL’s audited financial statements, she said the loan was reportedly issued at an effective interest rate of 5 percent per annum, repayable over 60 months. “Who is protecting the members of Holy Redeemer Credit Union?” Panton questioned.

The Opposition Leader questioned how a government-owned company was able to secure what she described as favourable financing terms and whether ordinary credit union members have access to comparable rates. “How did a government-owned company secure such favourable terms when ordinary members may not have access to comparable rates?” she asked.

Panton also raised concerns about the reported unsecured nature of the loan and called for disclosure of the safeguards used to protect members’ funds. “HRCU members deserve a full accounting of how their money was used, who authorized the transaction, what risks were identified and whether the loan complied with all applicable laws, regulations, lending limits and governance requirements,” she said.

Panton further called on the Briceño Administration, BEL, HRCU compliance officers and relevant regulatory authorities to publicly disclose the loan agreement, approval records, repayment terms, security arrangements, risk assessments and any related-party or preferential-treatment considerations. “As a long-standing member myself, I demand transparency, fairness and responsible stewardship,” Panton said.

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