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Banking & Finance

Opposition Leader Says Belizeans were Hoodwinked with the BTL Takeover

Belize stands to pay millions of dollars to Lord Michael Ashcroft following the nationalization of the Belize Telemedia Limited in 2009.  The matter is before the Permanent Court of Arbitration in the Netherlands and they recently concluded their review of the value of the shares that GOB would have to compensate the Ashcroft Alliance for.  While Belize was calculating one dollar and forty four cents per share, Ashcroft companies were saying ten dollars per share.  It is a sharp difference; the PCA, however is saying five dollars and fifty cents per share.  While Prime Minister says that if the PCA maintains that figure it would be considered a victory for Belize, the Leader of the Opposition is pretty much saying that Belizeans were hoodwinked in the name of nationalization and will now have to pay the price.

A final decision is still pending from the arbitration panel although they have given an outline of their findings.

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