Fallen Novelo’s Empire Print E-mail
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Written by Administrator   
Thursday, 02 August 2012 00:00

David and Antonio NoveloThe empire that was once the Novelo's has finally collapsed in totum. The Sunday, July 29th edition of the Amandala Newspaper features a two-page spread of public auctions that are to take place on August 6th and 7th. The auctions will feature 18 properties that once belonged to the Novelo family. The family members listed include David Novelo, Antonio Novelo, Hipolito Novelo, Emil Novelo, and Belitur, which is a company also owned by the Novelos.

The auctions feature prime pieces of real estate in the Subun Bight Area at Mile 5 and 1/2 on the Western Highway, Turneffe, Faber’s Road in Belize City, Forest Drive in Belmopan, Mountain Pine Ridge, Santa Elena, Lucky Strike Village, Succotz Village in the Cayo district and a number of prime parcels in downtown Benque Viejo del Carmen. The auction is as a result of foreclosures on the Novelo family, who are indebted to the Belize Bank for tens of millions of dollars.

Notably, they also owe the DFC also for millions of dollars since the collateral that was put up for the now infamous $30 million dollar loan by the Novelos did not cover the loan. At that time, back in 2004, DFC also foreclosed on the Novelo's Bus Company and its assets. 

It's quite a tale for the family, since it is known to bounce back from such adversities in reincarnated companies but even those have been known to fail. In December 2010, Belize Bank receivers moved in on Bel-Bus and National Transport, which were two of the remaining companies that were being operated by the Novelo family as a going concern.

Now with the move on the properties, it would appear that this family has no way to come back; reports are that even vehicles that were being driven by members of the family were taken away by creditors. The move on the family is just symptomatic of what takes place with PUP cronies, who are unable to handle their business when their government is not in office.