Last night we told you why the government of Belize believes that a ruling from the Washington DC District Court yesterday doesn't pose any real threat to government's assets or the Central Bank reserves. Well, there's a very different take on that same judgement. An article appearing in an online law journal named "Law 360" says that the federal judge on Monday "authorized the enforcement of a…$27.4 million US dollar arbitral award issued to BCB Holdings Ltd.".
It adds, quote, "U.S. District Judge Colleen Kollar-Kotelly signed off on BCB's motion for an order authorizing enforcement of the judgment against the Belizean government, despite an order issued by the Belizean Supreme Court on Friday prohibiting BCB - now known as Caribbean Investment Holdings Ltd. - from enforcing the award and subjecting company representatives to potential contempt in Belize if they try." end quote.
The article confirms that "she denied BCB's bid for an anti-suit injunction barring Belize from going to its local courts to restrain BCB from enforcing the award." But the article explains that as follows: "such an order wasn't necessary since they are generally meant to protect a court's jurisdiction and that was no longer at risk."
The article states that the US court has, quote, "…now authorized petitioners to proceed to seek to enforce this judgment in the appropriate jurisdiction in which it can find attachable property of the GOB."
Government's position is that before going after the assets BCB must first apply to the court of that state before they proceed for attachment. But applying would be violating the terms of the injunction government got on Friday. The Supreme Court injunction prevents the Belize Bank Limited and its shareholders from taking any step to enforce that award pending trial of Government's claim.
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