Posted: Monday, November 6, 2017. 10:55 am CST.
By BBN Staff: Despite saying that all litigation with Michael Ashcroft over Belize Telemedia Limited is finished, the Government of Belize is filing one more lawsuit against an Ashcroft company, Sunshine Holdings, to get compensation for shares the company had in BTL.
GOB is expected to file the lawsuit in the Supreme Court of Belize today, in an effort to get around $15 million from Sunshine, to pay back a loan the company had taken from the Social Security Board to buy the shares.
Prime Minister Dean Barrow explained that GOB acquired Sunshines’s shares, and the liability of the loan, when it nationalized BTL.
“Alternatively, even if the compensation isn’t paid to Sunshine, you can’t get the compensation for the shares, for which we borrowed money to buy, and leave us with the liability to pay back the investment loans,” Barrow said with respect to Ashcroft’s victory in the BTL acquisition case.
Sunshine, borrowed $10 million on concessionary terms from SSB in 2005 under the Said Musa People’s United Party administration to purchase the shares.
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