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Lifting of Injunction Is Just the Start of a Lengthy Process, Says FinSec

Yesterday we told you of the decision by Belize’s Chief Justice, Kenneth Benjamin rendered to lift the injunction that had prevented Michael Ashcroft from enforcing a court judgement against the Government of Belize.  If that award is enforced and the Government is forced to pay it will put the country in quite a financial and economic predicament.  Financial Secretary, Joseph Waight told the media that while that may be so, the country is a distance away from getting to the point where they will have to pay.


Lifting of the injunction will allow the process to start. Remember there is the Supreme Court, then there is the Court of Appeal and then ultimately there is the CCJ and I imagine that a matter of this would go all three stages and ultimately it comes down to can the government pay and in what currency it will pay; so it’s the early days yet. Indeed the lifting of the injunction is basically removing a barrier that the government tried to put but we are not anywhere close to a final resolution to this matter.”

This injunction was granted on February 3 by Justice Michelle Arana and on the 27th, the alliance took to the Supreme Court requesting that the government’s claim be struck out and the injunction be set aside while the Government had sought to make it a permanent injunction.  The injunction coupled with the Central Bank Immunities Act was protecting Belize but now with the injunction being lifted, there is only the Central Bank Immunities Act which deems it a crime to go after the Central Bank’s assets.  It is an Act that Senator Eamon Courtenay who have voted in favor of it, is seeking to be deemed unconstitutional in the Supreme Court.  Love News spoke with the Attorney General, Michael Peyrefitte yesterday who told us that neither party can comment on the ruling just yet as they have not seen the basis of the decision by the Chief Justice and it would be unfair to speculate.  This particular arbitral award is for twenty seven point four million US dollars payable to BCB Holdings, one of Lord Ashcroft’s companies.