So, as you will certainly have deduced, it’s a complex case, but at the end of the day, the Government of Belize has basically been saddled with a 20 million-dollar debt that it did not incur. So, we asked the Ashcroft Attorney why GOB, and by extension, you the taxpayers, are at risk of trying to repay it.
Here’s how that back and forth went about why the Ashcroft Alliance, from their perspective, does not owe that bill, even though these loans were made when the Alliance was in control of Sunshine:
Daniel Ortiz
"What would you say this interpretation that, okay, these loans were made when BTL under the management and control of the Ashcroft Alliance, and so, why should the Government and people of Belize be on the lam this particular debt that we didn't incur?"
Eamon Courtenay
"Isn't that an interesting thing? Who signed the Settlement agreement. The Prime Minister of this country, and the other signature on that is Rodwell Williams. They are the ones who signed the settlement agreement, and witnessed the settlement agreement. There is a clause, clause 5.4, where the Government of Belize specifically says, Sunshine has these 2 loans. Sunshine will remain responsible for those loans. It goes further. All the compensation that paid to the trust should not be reduced by these 2 loans. So, when you asked the question, why should the Belizean people be on the lam for it? My brother, that question should be answered by Dean Oliver Barrow. Now, they are trying to come through the backdoor, through Sunshine, and trying to undo, what they signed, and 2, what the CCJ has already confirmed. So, I think, the 24th the 26th of April is going very very interesting."
“The CCJ, we fought about this. Specifically, if you look at the 1st of November judgment of the CCJ, we will now discuss, argument that they can deduct the loans from the amount to be paid to the trust, and they say, absolutely not. You, Government, you have the 11 million shares. Dividends are paid on those shares. Take the dividends and repay the loans. It is the Government of Belize that repaying these loans, out of the dividends."
We’ve since gone in to the BTL Settlement documents, and indeed, as Courtenay explained, there is that clause 5.4, in which the Government appears to be accepting responsibility for that 20 million dollars debt.
It reads, quote, “The Government and the Trust acknowledge that the loans to Sunshine Holdings Limited… remain outstanding, and that the principal balances owed under these loans… and further that any liability for the investment loans is for Sunshine… which will continue to be wholly owned by the Government.”
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