Ashcroft vs GoB: Greed, Power or Game of Chess?

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Updated: June 8, 2017

Lord Michael Ashcroft has been a thorn in the side of the Belize Government since the Barrow administration took over but more particularly so, following the nationalization of Belize Telemedia Limited.  The court litigations have been numerous and the legal fees and interest rates have skyrocketed as Prime Minister Dean Barrow sought to fight the issue of the Accommodation Agreement which was entered into by his predecessor, Said Musa.  Back in September 2015 when Prime Minister Barrow met with Lord Ashcroft in Miami, Florida, there was a mutual agreement to have fifteen percent of the total amount paid forth and the remaining eighty five percent to be paid in two instalments.  Of the total amount, forty percent is the value of the shares that the court placed on BTL while the sixty percent had to do with the terms in the accommodation agreement.  It was agreed that of that sixty percent, the legal expenses for Lord Ashcroft would be deducted and the balance of the monies would be used for social projects to benefit Belizeans.  That sixty percent comes up to about two hundred million dollars and recently, it was revealed that Ashcroft’s expenses totalled to about ninety five percent of that amount; leaving only ten million dollars for the social projects in Belize.  It is a situation that the Government is not pleased with as was explained by the Financial Secretary, Joseph Waight.

JOSEPH WAIGHT

According to Waight, only a figure was presented and they have requested a detailed breakdown for the ninety five million US dollars.