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Sep 14, 2015

…Arbitration Tribunal to Determine Actual Compensation for Nationalization

Dean Barrow

Now, as it relates to the actual compensation for the nationalization of B.T.L., the PM agreed to rely on the NERA valuation of a dollar and forty-four cents per share which represents sixty five point three million dollars. But an Arbitration Tribunal is to determine the final amount of the award and government will then make a final payment for B.T.L. within a year. All in all, the settlement of the award and compensation for B.T.L. stands tonight at one hundred and sixty-two million dollars.  And this is what the government will be taking to the House on Tuesday for approval.

 

Prime Minister Dean Barrow

“We’re paying the ninety-seven million, four hundred thousand dollars which is where the award of the tribunal with respect to the original twenty-two point five million dollars U.S. loan to B.T.L. stands.  And we’re paying with respect to the compensation for the acquisition of shares, sixty-five million, three hundred thousand Belize dollars.  Altogether, a total of one hundred and sixty-two million, seven hundred thousand Belize dollars.”

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