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David Gegg's Discovery Expeditions In Receivership #473466
09/27/13 05:07 AM
09/27/13 05:07 AM
Joined: Oct 1999
Posts: 77,003
oregon, spr
Marty Offline OP

Marty  Offline OP
He's one of the power players in the cruise tourism industry but David Gegg's Discovery Expeditions has gone bankrupt. 7news has confirmed that Bob Garcia was appointed as receiver on September 20th. Today, Garcia would not comment when we asked him whether he had taken on new staff.

David Gegg blazed into the public spotlight in December of 2012, when the Department of Sales Tax issued a committal warrant for him because he had tax arrears of over three hundred thousand dollars. He paid fifty thousand dollars and managed to avoid being committed to jail. But his accountant Sheffield Eck told the court that he had advised Gegg to file for bankruptcy to clear up his debts because the profits from his two companies are less than what is reported due to unbudgeted and unforeseen expenses.

That other company is Cruise Solutions Limited - which, we understand remains in operation. Through Cruise Solutions, Gegg has contracts with at least one major cruise line and it is felt that with the rise of Norwegian in Harvest Caye, he enjoyed an inside track.

Channel 7

Re: David Gegg's Discovery Expeditions In Receivership [Re: Marty] #473548
09/28/13 05:20 AM
09/28/13 05:20 AM
Joined: Oct 1999
Posts: 77,003
oregon, spr
Marty Offline OP

Marty  Offline OP

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.

Channel 7

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