Today, a news outlet from Cayman posted news saying that the Belize Bank has filed a petition at federal court in Washington, D.C. to enforce an arbitration award totaling approximately US$18 million against the Government of Belize.
That's the Universal Health Services debt which the Musa Administration secretly guaranteed in December, 2004. It was awarded to the Belize Bank by the London Court of International Arbitration in January 2013. The Bank is seeking enforcement locally and now internationally. Prime Minister Barrow discussed it today:..
Prime Minister Dean Barrow
"I am not sure how that will play out in terms whether they are allowed to engage in these or this multiplicity of proceedings, the lawyers will have to advise us."
The full award is for $36.9 million Belize dollars, plus annual compounded interest of 17% from September 8, 2012. To our knowledge, that figure, the total indebtedness of Universal Health Services has never been audited.
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