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The Story Behind the Trust in the BTL Arbitration

Last week at a press conference hosted by the Prime Minister, Dean Barrow, he spoke of the final payments required to wrap up the nationalization saga of Belize Telemedia Limited.  He spoke of a portion to be paid for the actual shares acquired from the company as well as the amount to be paid for the Accommodation Agreement.  In his presentation, PM Barrow noted that the portion for the Accommodation Agreement would not be paid out to anyone but rather it would be placed in a trust for the Belizean people.  Here is how he explained it.

Earlier this week, PUP Senator Eamon Courtenay commented to the media on the trust to be set up, saying that the monies in that trust are not to be allotted for the projects the Prime Minister spoke of.

Meanwhile, in a press conference with the People’s United Party last week, Opposition Leader, John Briceno told the media that the Prime Minister is dead wrong and that his comments regarding the BTL Trust are misleading.

The total number of shares acquired from BTL is forty five million one hundred and ninety nine thousand nine hundred and sixty one.  The tribunal has valued each share at 5.6547 Belize dollars thus making the gross figure 255.5 million Belize dollars exclusive of interest payments which total an estimated three hundred and eighty eight million dollars with an additional seven million for legal costs and incidentals.