Bondholders Beware! – $200,000 missing from CitCo Sinking Fund??
Friday, July 1, 2016, 13:45
Belize City, June 29, 2016
It seems that the financial management, or rather mismanagement, of the Belize City Council is meant to be a state secret and the reason for this is now becoming clear. In the dark and secret anything goes.
The BELIZE TIMES is investigating reports that an investigation was recently launched on the Belize City Council’s finances after an internal audit discovered that $200,000 could not be accounted for from its Sinking Fund held at the Central Bank.
Sources inside the Council have indicated to the BELIZE TIMES that the case of missing funds sent off loud alarm bells at City Hall, and the news travelled quickly to bondholders who are paid from the Sinking Fund. It has caused a scare.
Can someone from the Council explain to the public how $200,000 can go missing from its funds??
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