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Government Expresses Disappointment at the BTL Arbitration Ruling

Early this afternoon, the Government of Belize issued a release expressing their disappointment at the ruling from the Caribbean Court of Justice where they were ordered to pay over sixty seven million US dollars to Dunkeld Investments and the BTL Employees Trust.  The release noted, quote, “GOB does not agree with the ruling of the Court but must accept it. It is important to point out that the overall quantum of the Arbitral Award has not been increased or in any wise altered; however GOB now has to pay ten percent more of that award in US currency – that is fifty percent rather than forty percent of the total award. The CCJ has said that it is prepared to give GOB time to pay on an installment basis. GOB is now determining, together with the Central Bank, the best case scenario to avoid any withdrawal of too large an amount at any one time from the Central Bank Foreign Reserves. Thereafter GOB will put that scenario to the CCJ for approval. On that basis, GOB is comfortable that the ruling will cause no shock to Belize’s foreign exchange position.”  End of quote.