After months of silence since the scandal with Nestor Vasquez broke, Channel Seven has issued a statement saying that they have cleared its debt with Belize Telemedia Limited (BTL) after having racked up a one hundred and twenty two thousand dollars phone bill over a period of 12 years. According to the station’s release Nestor Vasquez’ son, Jules Vasquez has bought over the company’s shares belonging to his father and has parted ways. The move follows reports of financial mismanagement purportedly carried out by Nestor Vasquez whilst he was BTL’s Chairman. In addition to the phone bill there was also the advertising contract awarded to Channel 7 by BTL to the tune of more than three hundred thousand dollars. The recently installed Chairman Mark Lizarraga had reported that the advertisement contract was cancelled, and in today’s release from Channel 7 it was noted that the outstanding balance on the contract has been paid in full to BTL. It is important to note that while Channel 7 has reportedly settled its debt with BTL there were additional monies spent by Nestor Vasquez for personal expenses amounting to almost one million dollars. Chairman Lizarraga noted earlier this month that Vasquez has agreed to repay the money and that a formal agreement was in the pipeline.