David Gegg Defends Discovery Expeditions
And while Feinstein is on the rise, as we told you yesterday, another tourism giant, David Gegg, is having major financial troubles. His company, Discovery Expeditions Belize Limited, has been placed in receivership as of Monday.
As we showed you last year, he was having problems meeting arrears with the General Sales Tax Department, owing as much as three hundred thousand dollars, he says that his financial troubles have nothing to do with the performance of the business.
According to Gegg, in 2007 the company secured the confidence of Atlantic Bank, after securing administrative clearances for 2 projects, one in Belize City and the other in San Pedro. He says that these projects were supposed to generate new sources of revenue which would have dealt with his company's obligation to the bank.
Gegg says that in both cases, political interference blocked the projects from materializing, and as a result, his Discovery Expeditions had to absorb all the financial obligations which he made with the bank.
He adds that his company had one of its best years last year, in terms of financial performance, and this year is closely matching up. Gegg closes off by saying that Atlantic Bank has been very patient with him, and the investments which never materialized, were covered by collateral completely disconnected from Discovery Expeditions, which ensures that the company will survive.
And while we can't vouch for the veracity of his statements because we couldn't reach Gegg for an interview or very well look into his banking records, we expect that his most lucrative business arrangements are firewalled within his other company, Cruise Solution, which to our knowledge has not gone bankrupt.