The Barrow Administration and the Belize Bank are presently locked in a dispute
over US$10 million in grant funds from the government of Venezuela. On March
15th the Central Bank instructed the Belize Bank to return the US$10 million
to government in 10 days or face the possibility of criminal charges being brought
against President Phil Johnson.
Since then, a ten day extension has been granted, and that expires on Thursday.
But best information suggests that the Bank will go to court to seek some relief
from the directive before the extension expires.
So while there will clearly be a battle between government and Michael Ashcroft’s
Belize Bank for the US$10 million, reports to 7NEWS
indicate that Ashcroft may not be as ready to fight over BTL. Multiple senior
sources tell 7NEWS that Ashcroft is inclined to sell
off his controlling interests in BTL. He reportedly communicated this to the
Prime Minister before Easter.
Government expects to see definitive progress towards this within the next
three months. But, at this time, it is not a done deal, and indications are
that the company is being shopped around. Now, who will buy it and under what
covenants? Those are the tricky questions because best reports suggest that
there are a number of consequential side agreements – including one for
a guaranteed rate of return.
Those were signed by the last government and the current government knows nothing
about them and claims to not even have copies of them. Many issues, and the
Prime Minister's press secretary will have a press conference tomorrow at which he will discuss
the latest on efforts to recover the Venezuelan money.
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