On Monday, we told you how the Ashcroft Alliance and the Government of Belize were going back to the Supreme Court to argue over the BTL acquisition yet again. This is now taking place even though the half a billion dollar settlement was supposed to settle all fights over the acquisition of the telecoms company.
As we reported, it’s over the Sunshine Holdings Limited, which has swapped ownership from being an Ashcroft Allied entity to being a Government controlled company.
Under the Musa Administration, when Sunshine was an Ashcroft Company, it made 2 loans of 10 million dollars each: 1 from the Social Security Board, and the other from the Government itself. The company the used these investment loans to buy shares in BTL.
Then, in 2009, when the Government first nationalized the company, the Government acquired the Sunshine shares. With that, came a 20 million dollar debt that the company owed.
Fast forward to 2015, and the Prime Minister settled the protracted legal battle over the company, with Lord Michael Ashcroft, and they signed a settlement deed.
The problem is that this 20 million dollar debt from Sunshine is still owed, and taxpayers dollars are at risk. And so, the now Government controlled Sunshine is seeking to convince the court to get back part of that BTL settlement to cover it completely.
The first few rounds of legal battles went before Justice Courtney Abel today, and after hours of waiting outside of court, we got a chance to speak with the attorneys from both sides. Here’s what they told us about what happened in court:
Daniel Ortiz
"So, explain to us what you mean when you a freeze. What exactly was happening.”
Rodwell Williams
"We were just trying to freeze funds that were paid in compensation. That is what the freeze is all about, to say, hold. But most of that money has been paid out. So, some of it is here. So, the freeze will affect what is in the jurisdiction. But the claim is to trace all the money, and have it go to Sunshine, less the investment loans. That's the object, and in the alternative for the investment loans to be paid out of it. That's the alternative. Principally on the basis that Sunshine was the rightful owner of the shares, therefore, the compensation should have been paid to Sunshine. The Trust is the rightful owner of 2 shares in Sunshine, and so, that's what they should have sought compensation for, and Sunshine for the 11 million shares. That's our case.”
Daniel Ortiz
"So, that would allow for - if your case were successful - to at least pay back the SSB, right?”
Rodwell Williams
"Yes, that's the object, to pay GOB, to SSB, who had loaned Sunshine money, so that Sunshine acquired the share.”
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