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US Court of Appeal Orders Belize to Pay Up M$50US

Tonight the Government of Belize’s appeal to have a fifty million US dollar award struck out has been denied by the US Court of Appeal. This award came about back in 2009 when the London Court of International Arbitration ruled in favor of the Caribbean Investment Holdings Limited, formerly BCB Holdings, against the Government of Belize. From the onset the Government was against the decision and had not paid the award.  In return, Caribbean Investment Limited sought enforcement of the award in the US District Court which was granted to them in 2015.  Subsequently, the Government of Belize made an appeal to the US Court of Appeal which was struck out today, leaving the Government having to find fifty million US dollars to pay forthwith.   That fifty million will see twenty two point six million US dollars go to the Belize Social Development Limited and twenty seven point five million US dollars to BCB Holdings and Belize Bank.   According to Senior Counsel Eamon Courtenay, if the Government of Belize fails to pay the monies forthwith, then foreign assets will be sought.  There has been no statement from the Government on the matter.  This is the last level of appeal that could have been sought on the matter and so it is now mandatory for Belize to pay.