Home Arbitration Awards No Escaping the UHS Guarantee Award to Belize Bank

No Escaping the UHS Guarantee Award to Belize Bank

2 min read
Comments Off on No Escaping the UHS Guarantee Award to Belize Bank

No further consideration will be given by the US DC Circuit Court surrounding the UHS guarantee case brought about by the Said Musa administration.  In this matter, the Musa Government had offered the then Universal Health Services to be their loan guarantor at the Belize Bank.  The UHS defaulted on their loan and the Government, as the guarantor was being forced to pay the loan.  When the Barrow administration took over, they had refused to honor that guarantee which led the Belize Bank Limited to seeking legal recourse.  The DC Circuit had ruled in favour of the bank but the Belize Government had appealed for reconsideration of the ruling as they cited several discrepancies which in their view ought to be factored in.  Yesterday, however, the court summarily refused to reconsider its decision and subsequently affirmed the confirmation of the eighteen point five million US dollar plus interest award.  The award was first granted by a London Court of International Arbitration and reinforced by the DC Circuit.  In a report published by LAW360, it noted, quote, “The dispute is one of several that Belize is facing from businesses connected to U.K. billionaire and Musa campaign contributor Michael Ashcroft, whom Belize accuses of cutting illegal deals with Musa.”  End of quote.

Load More Related Articles
Load More By Love FM
Load More In Arbitration Awards
Comments are closed.

Check Also

Belize commemorates World Refugee Day

At the end of 2017 it is estimated that 68.5 million people were displaced worldwide. Refu…