At the top of the news we told you of Sanctuary Belize and the problems it has been causing Belize and its government. Today, the Prime Minister announced that a settlement has been reached although it is left to be approved by the Commissioners at the Federal Trade Commission. The Prime Minister added that the details of the settlement cannot be revealed at present but more so in the future when it rolls out. He did assure the media, however, that the settlement is not costing the tax payers nor the Government.
Prime Minister Dean Barrow: “We have given up on the notion of removing the proceedings from the US. The liquidator initially challenged the U.S. jurisdiction and it is out of that as well that the application to remove the proceedings from the U.S. and bring them into the Belize’s jurisdiction arose. That is what got the eye of the FTC and that is what caused them to file this particular document but that is over and done with. The settlement means that both matters are stayed, the application of the liquidator to remove the proceedings to Belize and the actual complaints of the FTC against AIBL so both things are at an end as long as the commissioner signs off on the agreement that has been signed already by the liquidator and by Mr. Cohen.
It will take about sixty days to get the FTC Commissioners’ approval on the proposed settlement. Once that is done then Julian Murillo, the liquidator steps in to move forward in settling the debts and dealing with the investors. We’ll have more on this in tomorrow’s newscast.