When the Prime Minister nationalized BTL – he said it was partly to put
an end to the endless stream of litigation from Ashcroft-related interests.
Well, those areas of litigation may have been nixed, but it seems new fronts
are being opened daily and tonight there’s more to report.
First, the law firm of Allen and Overy has applied for protection form the
government of belize for its client the British Caribbean bank in connection
with the US$22.5 million loan. The bank says it’s because Government is
seeking to nationalize the bank’s interest in the loan to Telemedia. Well,
guess what, that ship has sailed. Statutory instrument number 130 of 2009 dated
December fourth and signed by the Minister of Public Utilities make it clear
that by through the SI government is taking over all rights and interests associated
with that loan.
Though the debenture securing that loan was nationalized and the Bank is seeking
compensation for it, the bank still maintained that it could still exercise
certain rights under the loan regarding a default. Well, it can’t now
– that loophole which was already arguably closed – has now been
sealed shut. The Bank will now pursue its rights we presume under the investment
treaty.
And, in late news, Today Speednet filed an application for an injunction against
BTL in the Supreme Court to stop Telemedia from quote, “using its
dominant position in the market place and its physical control of the infrastructure
where Speednet collocates to disrupt Speednet’s services.” We’ll
keep following both these stories.
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