CJ lifts injunction, Belize Bank to claim $50 million award

Posted: Saturday, June 10, 2017. 7:09 a.m. CST.

By BBN Staff: Chief Justice Kenneth Benjamin has lifted the injunction, which once barred Michael Ashcroft’s Belize Bank from seeking to enforce a US $50 million arbitration award against the Government of Belize.

Justice Michelle Arana had granted the injunction in February, and the CJ extended it in March, while he decided whether to lift the injunction or make it permanent. The injunction proceedings were controversial, because the issue arose of Ashcroft’s companies being able to attach Belize’s assets in other countries, in an effort to meet the award payment.

Financial Secretary Joseph Waight said that he feels the injunction being lifted is the beginning of another long court battle between GOB and Ashcroft.

“I imagine a matter like this would go all three stages …,” Waight said. “Indeed the lifting of the injunction is basically removing a barrier that the government try to put, but we are not anywhere close to a final resolution of this matter.”

Waight said that ultimately the case will come down to whether or not Belize is able to pay the award and in what currency.