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Ashcroft’s Renaissance - A Pil for Luke Print E-mail
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Thursday, 01 September 2011 00:00

Renaissance tower, (Inset) Dean Boyce.It stands as one of the largest structures in Belize City, the Renaissance Tower located on New Town Barracks and as a testament of the power that was once wielded by the ultimate PUP insider- Luke Espat. Now that very symbol of power and money has become symbolic of Espat’s inability to pay for what he owes.


On the 25th of August, Private Investments Limited (PIL) gave notice to Renaissance Towers Management Co. Ltd of Calle al Mar that it was appointing a receiver to run the operations of the company.  The receiver, not surprisingly is Dean Boyce, the Michael Ashcroft all-a-rounder who has gone from BTL CEO to the “I’ll do anything for Mike” guy.

Readers will recall that in March of this year the Guardian reported on a company called Private Investments Limited which had bought over a significant portion of what are called L.E.G. loans or the Luke Espat Group loans which Luke Espat had taken out with the Belize Bank. At the time we reported that PIL had taken over companies under the L.E.G. that were performing such as the Port of Belize Limited loans and the Renaissance Towers loans. The others which were non-performing like Crockland, Indeco and others were left with the Belize Bank. Well apparently even the loans which were performing are not doing so to the expectation of PIL and on Thursday August 25th notice was given to the Renaissance’s management that PIL would be taking over.

While the receivership of Renaissance comes as no surprise, what is interesting is the fact that PIL also owns the loans owed by the Port of Belize Limited which is held under the L.E.G. It is now only a matter of time before these too are called in and the Lord through his PIL takes control of the Port.

PIL is a company owned by Prize Holdings International Limited registered in Tortola British Virgin Islands, whats interesting about PIL is that from time to time it has changed directors with the usual Ashcroft soldiers being those including Phil Osborne, Phil Johnson, Dean Boyce, Melquisedeq Flores , Ian Robinson and others all with the common address of 60 Market Square.

What’s concerning is that with PIL calling in the Renaissance loan it will not be too long before the same is done with the Port of Belize Loan which is one of the very few assets that Luke Espat presumably still controls, even if only by name. If the loan is called in it would mean that the Ashcroft Alliance through PIL would have control of that all important asset and there is no telling what would come of it.

In the meantime however, Luke finds himself loosing everything, just a few weeks ago Crockland assets were auctioned off leaving Espat out in the cold on that one. Now it’s the Renaissance Tower tomorrow it may well be the shirt off Luke’s back.  Some would argue that this is what you get when you deal with the devil.