Waterloo Investments Holdings Files Court Claim Against Former Minister Erwin Contreras Over Cruise Project Losses
Waterloo Investments Holdings filed a court claim today against former Minister Erwin Contreras. The company is jointly seeking financial relief along with Belize Cruise Development Limited and Belize Logistics Terminal Limited. According to the claim, Waterloo has spent some ten million dollars in developing the Cruise and Cargo Expansion project at the Port of Belize. The claim further notes that it is due to Contreras’ unauthorized signing of the Definitive Agreement that has resulted in a great loss for the project and the investors. A portion of the claim reads, quote, “By reason of the unlawful signing of the Definitive Agreement, in circumstances where it should have been obvious that the Defendant had not been authorized, and in fact had no power to sign the Definitive Agreement, so that it was kept confidential and secret, the Claimants suffered loss, harm and damage.” End of quote.
The document goes further in claiming that as a result of Contreras’ actions, Waterloo and the joint claimants lost the support of Royal Caribbean Cruise Limited, as in August 2020, they had signed a letter of interest in support of Waterloo’s cruise terminal project, but that support later shifted to the Port of Magical Belize. In addition to the ten million dollars, Waterloo is also claiming general damages for misfeasance in public office including for loss of opportunity cost; exemplary damages; Interest pursuant to Sections 175 and 176 of the Senior Courts Act; Costs; and such further or other relief the Court sees fit. Waterloo’s Cruise Project includes the expansion of the existing access channel, turning basin, and berthing pockets, the construction of two piers designed for the safe berthing of up to 4 Oasis-class vessels, the construction of cruise tourism village, and the extension of the Jane Usher Boulevard linking Port Loyola directly to the Western Highway.