3 months ago, we told you about the final fight between the Government of Belize and the Ashcroft Alliance over BTL, or be more accurate, the final fight that we know about. It's over the company, Sunshine Holdings, which used to be part of the Ashcroft Alliance.
Our research says that back in 2005, under the Musa Administration, Social Security granted a special loan to the company of 10 million dollars under highly concessionary terms. Sunshine, under the Alliance, used that money to acquire shares in BTL.
When the Government nationalized the telephone company in 2009, it also acquired Sunshine's shares, and with that, came the 10 million-dollar debt to the SSB.
So, now that the BTL settlement of about a half a billion dollars in compensation has been paid to the Alliance, Sunshine, which is now Government controlled, wants the Ashcroft Alliance, specifically, the BTL employees trust, to pay back some of that money to them, at least to cover the loan to the SSB.
Today, that suit went before Justice Courtney Abel for a case management conference, and it was decided that on Thursday, it will have a full hearing.
Last week, the Prime Minister was asked about the case, and here's how he explained the position of Sunshine:
Aaron Humes, reporter
"The contention is that the government is trying to get back some of the funding that was given to BTL Employees Trust - your thoughts on that."
Rt. Hon. Dean Barrow - Prime Minister
"Sunshine is saying that in the alternative even if the compensation was not altogether payable to Sunshine, certainly, the Investment loans that Sunshine made to purchase those shares for which the Employees Trust has received. The compensation, those investment loans must be satisfied out of the compensation that the Employees Trust has received. The investment loans of course are owed to government and to SSB. So, I think that it is entirely appropriate and in fact mandatory that Sunshine should further pursue this issue. The Employees Trust as I think you know and perhaps that is part of what you are alluding to, tried to get the CCJ to in fact rule that Sunshine ought not to be allowed to proceed with its Supreme Court action and the CCJ said absolutely not. So, the matter is well and truly joined now before the Supreme Court and I hope that Sunshine will have some success."
We'll be there for the full case, and we'll tell you how it goes.
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