The Government of Belize today won a major judgment at the Caribbean Court of Justice (CCJ). Its application to reduce the interest rate applicable on an arbitration award found enforceable by the CCJ succeeded. This is one of three post application judgments relating to the 2013 arbitral award of over ninety one million dollars against the Government of Belize by the Belize Bank Limited with respect to a bad loan to Universal Health Services, UHS. Government’s attorney successfully argued that the interest rate should be six percent simple interest rather than the seventeen percent contained in the order. Hipolito Novelo reports.
Ultimately the Belize Bank Limited is seeking for an order directing the Minister of Finance to pay the 2013 arbitral award. Because all three applications were heard on the same day, the matter of cost has been reserved until judgments of all three applications have been handed down.