The news in the House and Senate between last weekend this week has been the bipartisan support for legislation seeking to insulate the country's reserves and governments assets, and firewall them from being claimed in any lawsuit by the Ashcroft Alliance. As we have reported, the Alliance is trying to recover 50 million US dollars which a US Court upheld as arbitration awards due to two Ashcroft Allied companies: British Caribbean Holdings and Belize Social Development Limited. The government of Belize says it won't pay a cent to them because Belize's highest court - which is the CCJ - has rejected the agreements.
Well, the Alliance today made official what everyone expected; they will make a constitutional challenge of the new law. A release says that Caribbean Investment Holdings Limited - which used to be named BCB Holdings…"intends to bring a claim in the Belize Supreme Court to challenge the constitutionality of the Central Bank of Belize Act and the crown Proceedings Act." It continues, quote, "the effect of the legislation is a clear attempt to intimidate and restrain Caribbean Investment Holdings Limited from pursuing its right in judicial proceedings that the government has lost."
The release makes a point hat Government tried the same thing before with the Supreme Court Adjudicature of 2010 which were overturned by the CCJ in 2014.
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