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Yesterday, local Immigration and police officials repatriated a Cuban national who, according to authorities in the United States, was wanted in connection with the largest gold heist in Florida history.
After over two months of negotiations between the US and Belize authorities, Raonel Valdez Valhuerdi, 34, was boarded on an 11:30 a.m. American Airlines flight and flown to Miami, where he was booked into the Miami Dade County Jail for his alleged perpetration of the October 2012 robbery of 110 pounds in gold flakes valued at 2.8 million US dollars.
Valdez Valhuerdi was detained after he had been caught by Immigration authorities in the bushes west of Benque Viejo Town trying to slip illegally into Belize from Guatemala on February 18 of this year.
He was subsequently detained, since he had a Cuban passport but could not produce a stamp showing he had entered Belize legally.
On Friday, February 14, Valdez Valhuerdi was charged for illegal entry and fined $2,000, which he paid, but he was not set free since he could not be deported or returned to Guatemala because he didn’t have any visa for that country either.
The Cuban national was therefore sentenced to six months in jail, and that’s when Immigration authorities decided to check his background.
To their astonishment, they found that Valdez Valhuerdi was a fugitive, the accused mastermind of a heist in which nearly 3 million dollars in gold was stolen at gunpoint in Coral Gables, Florida.
US police accused him of concocting the plan – with the assistance of two other men – to steal two rolling suitcases filled with more than 100 pounds of gold flakes from a courier working for a Bolivian export company.
According to US news reports, he was arraigned and granted bail of $75,000, but eluded US authorities and vanished in March of 2013 after cutting off his ankle monitor while out on bond.
Since then, Valdez Valhuerdi has been on the run for a year and a half and was the subject of an intense manhunt, and according to a wanted poster from the US Marshalls, there was a 25 thousand dollar reward for information leading to his arrest.
Since being nabbed by an alert Belizean immigration officer who checked his name on the internet and discovered that he was wanted in Florida, Valdez was deported and arrived at the Turner Guildford Knight Correction Center in Miami at 3:30 yesterday afternoon because Belize didn’t want him and allegedly, neither did his home country, Cuba.
BELIZE CITY, Fri. Nov. 25, 2016–Earlier this month, the US-based international ratings agency, Standard and Poor’s, downgraded Belize’s credit ratings, and this week, 10 days after the last ratings action, S&P subjected Belize to yet another downgrade—this time, lowering Belize’s ratings to reflect the country’s recent move to renegotiate the block of debt held by foreign bondholders.
S&P said, “Belize’s government has initiated discussions with holders of the sovereign’s U.S. dollar bonds due in 2038 amid worsening external, financial, and economic conditions. We believe these discussions are likely to lead to a rescheduling of these bonds within the next six months. As a result, we are lowering our long-term foreign and local currency sovereign credit ratings on Belize to ‘CC’ from ‘CCC+’.” S&P also signaled a high chance of non-payment.
Before the November 14 downgrade, Belize’s long-term foreign and local currency sovereign credit ratings were listed at ‘B-’ and its short-term foreign and local currency ratings at ‘B’. S&P also categorized Belize’s outlook as “negative,” signaling that it could subject Belize to further downgrades.
It said that the negative outlook “reflects the high likelihood that we will lower our long-term ratings to selective default (‘SD’) following a distressed exchange or nonpayment of Belize’s commercial debt service.”
The Government is hoping to renegotiate the super bond before the next payment is due next February. The interest rate on the debt also increases by nearly two percentage points next August, and under the current arrangement, amortization is due to commence in 2019.
The result of the latest downgrade is that Belize’s long-term foreign and local currency sovereign credit ratings have been lowered to ‘CC’ from ‘CCC+’; but S&P affirmed the ‘C’ short-term foreign and local currency ratings.
“The rating action follows the announcement by Belize’s government in November 2016 that it intends to commence discussions with holders of [Belize’s] US$526.5 million bonds due in 2038 (the “2038 Bonds”) about, in its words, ‘measures necessary to place the 2038 Bonds on a fully sustainable basis,’” S&P added.
It further stated, in reference to the country’s present situation, “…financing conditions are tight, and this, in our view, may affect its willingness and ability to pay these coupons in a timely manner.”
On the upside, S&P said that, “…the ratings could stabilize following an unforeseen change in the government’s fiscal strategy.”
When it announced plans to renegotiate the terms of the super bond on November 9, the Government said that it has been facing multiple challenges, including “…low growth, rising fiscal deficits, a deteriorating balance of payments position, and declining sovereign debt indicators. Belize’s challenges have been exacerbated by slow global growth, U.S. dollar strength, Hurricane Earl, a substantial decline in key commodity production and prices, and the higher than anticipated arbitration awards.”
The arbitration award for the 2009 nationalization of Belize Telemedia Limited plus interest is comparable to almost half the value of the super bond, which dates back to 2002/2003.