Last week, the government of Belize took something like a body blow to the kidneys when it lost a 41 million US dollar international arbitration case to the Ashcroft Alliance in Costa Rica.
The panel of three international arbitrators found that the Government must pay Ashcroft's British Caribbean Bank a debt that BTL borrowed from the bank back in 2007. Government and BTL have disputed the validity of the debt since it took over in 2009, saying that the loan was contracted for an illegal purpose and should not be repaid by BTL.
But…the arbitrators didn't agree. So, now will government be forced to pay? Prime Minister Dean Barrow today told the media that they plan to energetically resist the judgment..
Attorneys for the Ashcroft Alliance argue that the decision of the tribunal is final and government must pay.
Email
Print