Email

Print

458 million dollars nearly half a billion dollars that's how much the government of Belize will end up paying the Ashcroft Alliance for BTL. The full decision from the Permanent Council on Arbitration came down yesterday. In early May, the preliminary findings were made public and it showed that the shares were valued at five dollars sixty five cents each. That brought the total figure owing to the Ashcroft Alliance to 258 million dollars which was bad enough, but the final decision adds eight years interest at a bruising 8% per annum. In total it's another 200 million Belize dollars in interest alone bringing the total to a staggering 458 million dollars. Today at a press conference, the Prime Minister outlined the figures â€" and he didn't shrink from it. Surprisingly, he said, government is still coming out ahead! 

Rt. Hon. Dean Barrow - Prime Minister
The picture looks to be like this. Under costs to GOB I would list the shares at US 128 million. The interest at 99 US million, the arbitration cost awarded by the panel of US 2.2 million for a total of 229 US or 458.4 million Belize. Under benefits to GOB I would list the share value at 5 dollars as opposed to what we paid for just the shares minus accommodation agreement alone. So I would total that as 226 million dollars. I would list the savings of the accommodations on the accommodation agreement; and I set out for you earlier what we were losing, I would list that at 202 million dollars. I would calculate the consumer savings arrived at by way of the lower nationalised BTL charges and service enhancements at 140 million by 20 million per year; dividends and taxes to date 106 million dollars, dividends forecast over the next 10 years is Belize 100 million, for a total of 774 million. Some of you might want to quarrel with my figures but even if I grant you a concession here and there; 774 minus whatever is certainly far greater 458.4 which is what we are paying now. That is why we feel utterly vindicated by the conclusion now of this long saga.

Jules Vasquez
"Right now you're selling the shares for 5 dollars each and there about 50 million full issued shares. So the company is worth 250 million; you're paying now 450 million which actually works out to almost exactly the 10 dollars a share that Mr. Ashcroft asked for because it's 45 million shares were acquired and 10 times 45 is 450 and that's not including those little things called lawyers' fees. That's a cool 2 dozen million at least; how are you still able to claim any victory in this?"

Rt. Hon. Dean Barrow - Prime Minister
"Well I spent a fair amount of time explaining to you precisely how I could. I will simply say to you sir that I don't at all agree with the way you have framed your case. Once you begin with a wrong premise, thereafter you can go all over the place and I don't think it will be profitable at all to try to take you on in any details."

Jules Vasquez
"The entire undertaking Mr. Ashcroft's take away from it; you said 458 plus the 100 million that has been paid for the BTL loan which I sure is still being argued somewhere that it was unlawful but it still has to be paid. I'm saying and the other ancillary cost, we are still at half a billion, more than half a billion, close to 600 million. Would you say that in that circumstance hasn't the Ashcroft Alliance, the associated company, hasn't that group had the better if the government of Belize?"

Rt. Hon. Dean Barrow - Prime Minister
"No sir I would not say that. I would say the opposite and I hinge my position on the difference between what was claimed and what as eventually awarded plus the fact that the payment, 60% fully of the award is in Belize Dollars and to be spent on projects proposed by the government of Belize for the people of Belize."