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Hon. Mike Peyrefitte, UDP Senator
"There cannot be any criminal sanctions for challenging the law itself. If one wants to make a constitutional application to say that the laws that we are ratified here are unconstitutional, well then the court will decide that. If you don't make that challenge but you attempt to do what the acts criminalize then you will have to suffer the penalty that the acts articulate in them."

Jules Vasquez, 7News
"How would you attempt to do it?"

Hon. Mike Peyrefitte, UDP Senator
"Attempt to do what?"

Jules Vasquez, 7News
"To attach the reserves."

Hon. Mike Peyrefitte, UDP Senator
"Who would attempt? Well, they will have to decide how they want to do it. let's say for example, there's a move on the reserves at the Central Bank, a mere attempt to do that, such as the filing of papers, such as a board resolution, such as any move by any member of that company or any move by any person who is a Belizean to go after Central Bank assets then that person immediately commits an offense by the mere attempt to attach the assets. Naturally we can only try to prescribe criminal penalties to Belizeans or Belizean companies and we can ascribe that criminal penalty to you whether you commit that act within the jurisdiction or without the jurisdiction. So if only apply to Belizeans. it will only apply to Belizeans companies, but naturally we would only go to arbitration, for example or we would only be subjected to being sued by companies that are Belizean companies and by Belizean individuals. So, we don't anticipate that anybody who would get these judgments against them would want to go still in defiance of the court or defiance of the law when it comes to Central Banks assets. I don't think they want to risk going to prison. British Caribbean Bank is a Belizean company. They are registered in Belize. The only company that is in the shadiest of them all is Belize social development, but we cannot find any registration for them in Belize as yet. We are told that they are registered somewhere in the BVI but other than that we cannot find them so we can determine who are the directors, who are the members of that company. BSDL will be a challenge because it's not yet a Belizean company. However, if it contains Belizean directors or Belizean advisors then we know then that we can, for a lack of a better term, attach them for any actions that they want to take."

Jules Vasquez, 7News
"So then the loophole is a 28 million dollar loophole US?"

Hon. Mike Peyrefitte, UDP Senator
"No, like I said we still need to find out who are the members of that company."

Reporter
"But are you able to because you are saying they are keeping that..."

Hon. Mike Peyrefitte, UDP Senator
"Well, when we do we'll let you know but not as yet."

We also asked Peyreffite about his colleague from the legal profession and the Senate, Eamon Courtenay. Courtenay - in a rare move - declined comment after today's Senate meeting. But he's in a cute position - because as he himself pointed out in the debate, the law may seek to criminalize him - and that is because he often appears as lead attorney for the Ashcroft Alliance's varied interests. Here's how Peyrefitte lent perspective to that position:

Jules Vasquez, 7News
"The leader of the opposition side Senator Courtenay, we heard him vote in favor of both pieces of legislation. However, he will most likely also be the lead attorney for the Ashcroft Alliance if they seek to challenge the legislation as we might expect. He declined an interview, but how would you characterize his actions as being a patriot in the senate, but an adversary in the court?"

Hon. Mike Peyrefitte, UDP Senator
"These lawyers have a fancy of distinguishing their roles. He can say as a senator and as a proud citizen of Belize, I cannot vote against such a legislation, but as a paid professional and paid assassin, if you will that may take on a different role. But no I'm only kidding. But he did mention that some of it in his view would be subject to constitutional interpretation. but the door is always open for people to take legislation to the court if he decides to challenge it and become the lead attorney for a group that wants to challenge a piece of legislation that he himself approved in the senate then he will have to answer to the people like you for that ."