Following the nationalization of the electric and telephone companies in Belize, the Government of Belize have since concluded the arbitration settlement for the Belize Electricity Limited while the arbitration settlement for the Belize Telemedia Limited remains outstanding, as explained by Financial Secretary, Joseph Waight.
“BEL has been settled. There was a settlement agreement, we paid some, we gave back some shares, that is off the books. The other thing is BTL, the valuation of the shares, it went to arbitration, the arbitration panel heard a hearing maybe nine, ten months ago; they’re writing their judgment but we just don’t know when or how much. We have to pay legal fees to our external attorneys and they’re not cheap. We had a company Dorcy and Whitney, they have been representing Belize abroad in the US court system on a number of cases and I think over the last year we must have paid them close to a million Belize dollars. Locally about five hundred or six hundred thousand dollars.”
The Belize Electricity Limited was nationalized in June 2011 while Belize Telemedia Limited was taken over in August 2009.