Section 1

Commissions of Inquiry 45 [Gazetted 12th March, 2005.] To: WHEREAS, the purposes of the Development Finance Corporation (DFC) include the expansion and strengthening of the economy of Belize by supplying finance for the development of agriculture, forestry, industry, tourism, education, housing and other key sectors; AND WHEREAS, certain public concerns have lately been expressed about the operations of the DFC with particular reference to its loans and securitization portfolios; AND WHEREAS, it seems to me desirable that an impartial and independent inquiry be instituted into the affairs of the DFC and that a Commission of Inquiry shall issue as hereinafter mentioned; NOW KNOW YE, that by virtue of the powers and authority vested in me by section 2 of the Commissions of Inquiry Act, Chapter 127 of the Substantive Laws of Belize, Revised Edition 2000-2003, I, SAID MUSA, PRIME MINISTER, do by this Commission, appoint you the said and MS MERLENE BAILEY MERTINEZ, to be the Commissioners for the purposes hereinafter mentioned with all the powers by the said Act conferred and I DO authorize you the said Commissioners in the manner in the said Act provided to make a full, faithful and impartial inquiry into the 46 Commissions of Inquiry operations of the DFC with specific reference to the following matters, to wit– (a) to investigate the DFC’s loans portfolio in respect of the categories specified in section 4(1)(a) of the DFC Act for the period 1st January, 1999 to 31st December, 2004, including the procedure for the processing and approval of applications as well as the disbursement and performance of the said loans; (b) to evaluate the effectiveness of any mechanisms at the DFC for the monitoring of loan repayments and the recovery of delinquent loans; (c) to investigate the DFC’s securitization program and the DFC’s role in similar and related securitization programs; (d) to determine whether any wrong doing occurred in the operations of the DFC during the said period and if so, to identify the persons responsible, if possible; (e) to investigate financial position of the DFC during the said period. (f) to provide oversight and support for the projected Forensic Accounting Investigation (FAI) of the DFC; (g) To review the report of the Forensic Accounting Investigation, when complete, and make appropriate recommendation arising therefrom; Commissions of Inquiry 47 (h) to review the DFC act with a view to making recommendations for its strengthening through legislative amendments or otherwise; (i) to hear and inquire into any other a matter related to the above. I HEREBY DIRECT that you the said DAVID PRICE, ESQUIRE shall be the Chairman of the said Commission to hold the inquiry as aforesaid and I also direct that each of you having, made and subscribed an oath or affirmation as required by law and having deposited the same with the Secretary of the Cabinet you do hold your meeting with due urgency and expedition at such place or places and at such time or times as you the said Commissioners may appoint and that you the said Commissioners do make report as soon as may be practicable of the result of your inquiries, with such comments and recommendations as you may think fit, furnishing me with a full statement of your proceedings and of the reasons leading to the conclusions and recommendations at which you may arrive or report. I DO HEREBY FURTHER DIRECT that the inquiry shall, except where you deem it necessary or advisable to do otherwise, be held in public. AND I DO HEREBY REQUIRE AND DIRECT that all public officers and other persons to whom you may apply for assistance or information for the purpose of you investigation to render all such assistance and furnish all such information as may be rendered and furnished in that behalf. MADE at Belmopan this 9th day of March, 2005. Prime Minister