CCJ delivers judgment on interest rates in UHS award

BBN Staff: The Caribbean Court of Justice (CCJ), in a session held this morning, delivered a ruling on an application from the government of Belize to adjust the interest rate accruing monthly on the reward to be lowered from 17 percent to 6 percent.

The Belize Bank was represented by attorney Eamon Courtenay and GOB was represented by Solicitor General Nigel Hawke and counsel Agassi Finnegan. The CCJ ruled on only one of several applications that had been filed. The Belize Bank had also filed an application requesting that the CCJ approve an enforcement order against GOB to force it to pay the $90 million judgment, however, the CCJ said it would rule on that application at a later date.

The ruling it handed down this morning makes an adjustment to the interest rate accruing monthly on the award from 17 percent to 6 percent, retroactive to the date the certificate stipulating details of the payment was issued to GOB in November. Courtenay agreed that the certificate would be re-issued retroactive to the original issue date of the certificate.

The CCJ made it clear, however, that the adjustment to 6 percent only applies retro-active to the date the certificate was issued but not the order to pay, which was issued at an earlier date.

 

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