Today in Port of Spain Trinidad arguments continued in the raft of appeals in the nationalization of BEL and BTL.
The cases combine a number of issues, not least of which is the British Caribbean Bank which claims that BTL owes 50 million US dollars for an outstanding mortgage debenture.
This was acquired in the first nationalization - government has maintained that the loan was unlawfully undertaken by the former Ashcroft Alliance company directors.
But the bank maintains it is still owed the money - and yesterday afternoon attorney for the Bank Eamon Courtenay made that argument to the panel of judges:..
Eamon Courtenay, SC - Attorney – British Caribbean Bank
"In the absence of a rational connection. In the absence of evidence. In the absence of an explanation of justification, this is a paradigm example of an arbitrary acquisition and we say this, this court has no evidence before it on which this court can rely to point to justification for the taking of the bank's property. The compulsory acquisition order issued by the minister stands naked before this court. Fully exposed as rank arbitrariness. Anywhere else in the world, anywhere else in a true democracy, that would have been the end of the day. But no, we have the 8th amendment, but this court is now call upon to frontally confront the 8th amendment."
Courtney presented for three hours yesterday afternoon.
Arguments continued today - but due to the fact that it was posted late, we'll have those highlights tomorrow.
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