Broadcast veteran Rene Villanueva, Sr., proprietor of RSV Media Limited/Love FM, has confirmed to Amandala that he is being sued and is, likewise, pursuing a countersuit against the Development Finance Corporation (DFC), after the government’s development bank decided to take Villanueva, and his son, Rene, Jr., to court, allegedly for an unsettled debt Villanueva has declined to disclose.
Villanueva, who is being represented by attorney Melissa Balderamos, told us that he prefers to reserve comment for now, since the matter has to be litigated in court.
Our newspaper understands, however, that the dispute surrounds a financing agreement Villanueva had with the DFC through their company, Cahal Pech Limited—an agreement dating back nearly a decade.
In a news piece aired by Channel 5 on July 28, 2003, Villanueva, Sr., said that, “…the entire Cahal Pech complex was bought out by the company Cahal Pech Limited from the Development Finance Corporation at total cost of one point three million dollars.”
Those comments were made by Villanueva, then company chairman, on the occasion of a massive fire that gutted the complex, which included a popular nightclub and surrounding structures, such as cabañas. The disclosure was made due to insurance issues.
We understand from a well-connected source that the Cahal Pech facility had been purchased via a DFC loan by the Belizean entertainer, Rick the Ruler, and the Villanuevas had subsequently signed a guarantee for the loan facility and taken over the loan. We were also informed that attempts were made to settle with a third party to take on the debt.
The facility, we understand, is now owned by PRDD, affiliated with Dan Silva, who has a radio station at the site.
Villanueva confirmed that the case lodged by the DFC is still before the courts and they had subsequently filed their countersuit.
The matter, he said, has been adjourned multiple times.
Cahal Pech Limited is no longer a functional company.
Villanueva told us that he had already received a statement with a nil balance about 8 years ago.
(Photos: Belize Travel Radio and Cleanupbelize.com)