The Belize Social Security Board today closed the deadline for the submission of comments on the proposed 9 million dollar loan to Belize Premium Service & Liquors Ltd - and, boy, did they get some strong objections.

Two of them emerged today: the first is from Travellers Liquors - one of the oldest distilleries in Belize. It says, quote, "As an exporter, for over 15 years we know that importers do not sign contracts to purchase liquid before having a sample and an idea of the price of the product. Investing in such a venture with the prospect of exporting even with the best estimates will not guarantee a sale of the spirit once produced. As a rum distillery in the business for over 70 years we are quite aware of the risks of the export market and the competitiveness for rum on the world market. We are aware as well of the barriers placed by Mexico for the importation of Rum especially from Belize."

And after outlining specific concerns with the difficulty of the export market, they add "We are concerned that these obstacles to export to Mexico would pressure the Belize Premium Spirits & Liquors Ltd to sell locally which would increase the over-saturated local rum supply, adding a 5th Distillery to the market with 3 of them being in the Orange Walk district. The business plan upon which the loan decision was made is a speculative one which places at risk our Social Security funds." End quote.

It's a stinging assessment of the proposed loan, and there's even worse news coming from Cuello's Distillery. The owner of Belize Premium Service & Liquors Ltd is Waldir Cuello, but he's also a Director of the family business, Cuello's.

The attorney for the company writes that Cuello's "intends to take legal action against Waldir Cuello and BPSL's intended project because he is currently a director of Cuello's, and because he has insider knowledge of Cuelllo's distillery and its operations, including its blends of rum and liquor.

Cuello's attorney says the loan would place him in direct competition with their company.

Strong objections and today Social Security's CEO Debbie Ruiz told us, quote, "we are still actively in the process and no decision has been made. (After today's) deadline for submissions, we (will) review the concerns submitted.