ASR ‘considering options’ in Belize investment; denounces Commission of Inquiry as ‘delving into private affairs’

By Aaron Humes: American Sugar Refining (ASR), the parent of Belize Sugar Industries Limited (BSI), has issued a warning that “ASR must now, regrettably, consider its options in Belize,” following the announcement of the Commission of Inquiry into the sugar cane industry.

ASR/BSI emphasized in a statement that “Our efforts to jointly work in partnership with the government and the BSCFA to make the Belize sugar industry a more competitive and profitable business for all constituents continue to be ignored and swept aside.”

In strong language, the miller says the Commission is intended solely to provide ammunition for near-mortal enemy the Belize Sugar Cane Farmers Association (BSCFA) to “coerce” it, without justification, to pay more for its cane. It claims that the other ‘half’ of the industry represented by the remaining sugar cane farmers associations does not support the COI.

“…if BSCFA and the government would work with the rest of the industry, BSI, with ASR’s backing, could help make it truly sustainable,” ASR/BSI writes, but this decision in its view is “politically driven,” undermines its confidence in its investment and undermines representations previously made by Government when it entered the industry in 2012 as to fair treatment, not to mention that of other prospective investors. “Once again, BSI has become the football in a game driven by political, not business considerations,” it continues.

ASR/BSI points to more than $300 million in investments for which it has seen no return, while farmers have been enjoying record cane prices. It swears that it “has no intention of being compelled to produce proprietary and confidential commercial information, the rights over which are protected by law. BSI sees this Commission of Inquiry as a further assault on its business interests and outright bad faith by the government.”

It concludes that its objective to get Belize’s sugar industry onto the regional stage and help to provide regional food security as the “sugar bowl of the CARICOM market” is now in jeopardy. It does not say what it plans next, including any legal action.

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