Government to pay more than $76 million for registry settlement deal

Published by BBNTEAM at August 22, 2022

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Posted: Monday, August 22, 2022. 12:57 pm CST.

By Aaron Humes: Today, the Government of Belize and Belize International Services Limited (BISL) signed a settlement agreement resolving their dispute over the 2013 acquisition of the International Business Companies and Merchant Marine Registries.

Under the terms, the Government, subject to National Assembly approvals, will pay BISL a total of US$38.25 million (BZ$11.5 million to be paid in Belize Dollars) in full and final settlement of BISL’s claim, which BISL will then discontinue.

Prime Minister John Briceno said the money will come from Government reserves; it could have come from the company’s handsome profits since its acquisition, he said, if the previous Government had saved it rather than spent it.

He added that settlement now at a significant discount was better than further dragging out the affair and risking paying even more.

We’ll have more from the Prime Minister later.

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