CCJ hears currency dispute matter over arbitration award

Aaron Humes: The Ashcroft Alliance wants half of the outstanding arbitration settlement award for the nationalization of Belize Telemedia Limited (BTL) in U.S. dollars, but the Government of Belize, which is also challenging some aspects of the award, says that even if they are ordered to so pay they cannot do so because “no money no deh” – greenbacks, we mean.

The two sides are back in court, specifically the Caribbean Court of Justice, which heard a case management session via teleconference with the Supreme Court.

According to Government attorney Denys Barrow, the Central Bank of Belize has confirmed via letter to Financial Secretary Joe Waight that just 29 million US dollars is available for sale to Government, well short of the 70 million US it needs.

The substantive hearing has been set for August 19.

 

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