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David Novelo objects to Mark Hulse DFC audit – DFC Commission says tell it to GOB!

PoliticsDavid Novelo objects to Mark Hulse DFC audit – DFC Commission says tell it to GOB!

by Adele Ramos

BELIZE CITY, Thurs. Feb. 8, 2007

At about 3:00 this afternoon David Novelo, who is supposed to testify next before the DFC Commission of Inquiry, delivered a stern letter to the Commission, claiming that the forensic auditor, Mark. C. Hulse, has “undeniable conflict of interest” because he was a part of the management team that held Novelo Bus Line under receivership for 22 months and is, according to Novelo, being sued by the Novelo family for allegedly destroying the company.

In a letter dated February 8, 2007, Novelo told the Commission that Hulse was a financial consultant on the management team and worked for the Atlantic Bank.

We refrain from going into too much detail, because we have not yet spoken with Hulse about the allegations.

When we spoke to co-chair of the Commission, Mrs. Merlene Bailey Martinez, this evening, she acknowledged that the Commission has received the letter from Novelo, but the Commission does not share the view that there is a conflict of interest.

According to Commissioner Bailey-Martinez, Hulse’s review of the Novelo transaction was limited to procedural matters relating to the approval and the disbursement of the loan, which does not coincide with the period for which Novelo was under receivership.

She further notes that the Commission had nothing to do with the selection of Hulse as the forensic auditor, and it was the Ministry of Finance that made that decision.

The Commission summoned David Novelo to give details about how the Novelo loan was spent.

In his letter to the Commission, David Novelo asked that his brother, Antonio, who he said executed most of the transactions, should also be called to testify.

Commissioner Bailey-Martinez said that the Commission has no problem with calling him to give testimony to the Commission.

 

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