While the legal war for Belize Telemedia Limited has finally come to an end, the same cannot be said for Sunshine Holdings Limited, an Ashcroft company, and Social Security Board. More than ten years ago, SSB loan Sunshine Holdings $10 million dollars to buy shares in BTL. When GOB took over BTL, it also acquired the shares owned by Sunshine Limited. Here is how PM Dean Barrow explained it.
Rt. Hon. Dean Barrow, Prime Minister
“Government acquired Sunshine’s shares in BTL but the government also acquired Sunshine and I had a little bit of a difficulty in appreciating what Gandhi was saying because in a sense we would pay the compensation to Sunshine but we controlled Sunshine after the nationalization. Sunshine would have had to sort out with the trust who owned the shares in Sunshine; there are only two shares one owned by the employee’s trust and one owned by Dean Boyce. So that would have had to reconcile. As it turned out SSB sued Sunshine to recover its money, the Ashcroft Alliance intervened and was able to get that action stayed. When Sunshine sought to intervene before the CCJ the CCJ said ‘you’re way too late’ but that as I understand it without prejudice to Sunshine taking action in the Supreme Court in Belize. To say one of two things or perhaps both of two things, one that compensation in your hand Mr. Trust you’re holding that in trust for Sunshine because it doesn’t matter that you owned or you had the shares in Sunshine at the time, Sunshine is a separate legal vehicle and the compensation should be paid to Sunshine. Alternatively even if the compensation isn’t paid to Sunshine you can’t get the compensation for the shares for which we borrowed money to buy and leave us with the liability to pay back the investment loans so at the very least we want you to pay back to Sunshine what was borrowed from SSB so that Sunshine can in turn pay.”