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May 11, 2016

G.O.B. Says B.T.L. Award Still Not Finalized

Anwar Barrow

Government, on the other hand, says that what has been issued is a draft from the Permanent Court of Arbitration’s findings on the valuation of a little over forty-five million B.T.L. shares.  Under those findings, the value has been set at five dollars and sixty cents per share. The government release also said that, “Just prior to Last General Elections G.O.B. agreed with the previous shareholders that it would pay the amount it proposed of one dollars and forty-four cents per share towards the acquisition of shares. It was further agreed that if there was a settlement liability on the Accommodation Agreements, that will be used in Belize on projects to be agreed upon by the previous shareholders, G.O.B.” This afternoon at the media brief, Chairman Anwar Barrow was asked about the specifics of the figures being quoted.

 

Anwar Barrow, Chairman of Executive Committee, B.T.L.

“You have to pose those questions to the government.  I will comment that in terms of your suppositions, they may or may not be true.  There’s no figure that I have been made aware of?  Have you been made aware of any figures?  Have you seen any figure?  Has there been any release on any figure?  So it’s speculation.”

 

Reporter

“No, it’s reliable.”

 

Anwar Barrow

“Well that’s speculation, right.  So I think we would have to examine that when we get to that point.  But the company is very strong, we’re doing better than ever.  There are some critical investments that we want to make over the next few years and I’m sure with the momentum and the trajectory that we have from our customers and our shareholders that we’ll be able to do that.”

 

Government says that the loan to Sunshine Holdings which was never repaid will further reduce compensation payment by twenty million dollars and that it looks forward to the final award ruling.

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