Belize Bank gets $35 Million judgment against Belize enforced in US court

BBN Staff: The Belize Bank, on Monday, won an enforcement order from a federal court in Washington D.C. of a $35.2 million judgment against Belize following proceedings over the complicated debt guarantee for Universal Health Services (UHS) under the previous Said Musa PUP administration.

U.S. District Judge, Amit P. Mehta authorized the Belize Bank to seize property owned by the government of Belize “in the jurisdictions where such an attachment or execution is appropriate”. The win for Belize Bank comes years after trying to collect on the initial arbitral award. The bank had obtained the judgment in July 2016 when the D.C. court upheld the award issued by a London Court of International Arbitration (LCIA) tribunal in January 2013.

The $36.9 million award included an additional $16.1 million in interest when it was confirmed in 2016. Belize had challenged the ruling but each of its petitions were rejected by the court. The bank also noted several other arbitration awards currently pending against Belize.

GOB has not yet responded to the news of this latest in a long string of litigation losses.

 

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