7 News Belize

Ashcroft Alliance Wants settlement in USD – Goes to CCJ
posted (July 22, 2016)

The Barrow Administration and the Ashcroft Alliance are back in court tonight â€“ and this time the argument is over US dollars.  As we told you government paid the first half of the settlement last week Wednesday, 40% in US dollars, and 60% in Belize dollars.

And, just as we told you at the time, the Ashcroft Alliance didn't like that breakdown one bit.  They wanted the whole sum in US dollars, so the news tonight is that the Alliance has applied to the Caribbean Court of Justice to ask the court the interpret the settlement agreement with Government. 

But that's just one issue.  Government is now saying that the Permanent Court of Arbitration made mathematical errors in its judgment, namely with the rate of exchange used and the calculation of interest.  According to a release, quote, "Both mistakes by the Tribunal prejudiced GOB and resulted overall in larger sums being awarded than were justified." End quote.  Government now has 30 days from the date of the award to seek rectification, and applications are being filed. 

So, now both sides are headed back to court, which means more litigation, an outcome which only the lawyers would applaud.

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