7 News Belize

Citrus Squeeze
posted (April 28, 2010)
Tomorrow afternoon at 1:30, the Citrus Products of Belize Limited – known as CPBL will have its Annual General Meeting at its headquarters on the Stann Creek Valley road. For weeks we've been predicting that there will be fireworks as both sides of the deathless citrus dispute square off.

But, it seems, that won't be the case as the former entrenched directors of the CPBL seem to have agreed to gracefully demit office. They are Mike Duncker, Frank Redmond and Henry Canton. They will be replaced by the representatives from the Citrus Growers Association -- Rosella Zabaneh, Denzil Jenkins and Tony Zabaneh.

And it's not just talk this time. CPBL's attorney, Rodwell Williams, wrote to the Citrus Growers Association on Monday stating that he will take steps to include them on the register of Directors of the company. The CGA requested that they be included on the register by end of business on Monday and as we understand it, they were welcomed into the CPBL compound today to pick up their documents and relevant board papers as members of the board. Thus ends a very long and bitter power struggle as the CGA tried for the better part of a year to have these directors installed to represent their majority interests on the board – and were repeatedly denied. The Supreme Court recently upheld the CGA's absolute right to remove and replace any of their directors at any time.

So what's next? Well, those new directors will join the new chairman designate Charles Woods and another new CGA board member Henry Anderson for the AGM tomorrow – where they are expected to sit alongside the four directors from Banks Holdings. The question going forward is what strategy will Dr. Henry Canton pursue? As managing director his contract ensures him a seat on the board of directors and those who are in his corner have said that if he is removed – as he has now been – he will sue for constructive dismissal.

The other question is, will the new board seek to eject him as CEO? Those questions will be answered in the days ahead.

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7 News Belize