GOB passes bill to protect Central Bank reserves

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Posted: Saturday, January 28, 2017. 2:06 p.m. CST.

By BBN Staff: The Government of Belize yesterday held a special sitting at the House of Representatives to introduce a bill to protect the Central Bank’s reserves from companies belonging to Lord Michael Ashcroft seeking enforcement of upwards of US $50 million in arbitration awards against GOB.

The bill will, in essence, criminalize any attempt to enforce rulings against the Central Bank reserves.

GOB rushed to present the bill before the Ashcroft Alliance could make good on its enforcement claim. It asked for bipartisan support in the House yesterday and the opposition, despite only getting a first look at the bill yesterday, pledged its support for the bill.

It is left to be seen what will happen in the case where a US district court ordered the GoB to pay Ashcroft US $50 million.

Prime Minister Dean Barrow had indicated that he would not pay a cent towards the arbitration costs..

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