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May 26, 2016

Government Loses Another Multimillion Dollar Litigation to BCB Holdings

Eamon Courtenay

That arbitration award is hefty, but government will spend much more. Recently, G.O.B. lost another multimillion dollar litigation brought by BCB Holdings in a U.S. Court. Courtenay says that the figures are piling up as G.O.B. keeps falling down in court.

 

Eamon Courtenay, Attorney, Ashcroft Group

“What it is, is an award that was issued in favor of a company, in favor of one of the companies in the group and its enforcement is sought in the U.S.  And the government has opposed enforcements and the U.S. District Court has said that BSDL is entitled to enforce the award. There’s been a number of these Mike and government has lost all of them in the United States and therefore the numbers are adding up. It’s just like recently reported there is the award relating to the privatization of the airport. That’s another one that the government has also lost so the figures are adding up.”

 

Mike Rudon

“Is that the beginning of litigation or the end of litigation at that stage?”

 

Eamon Courtenay

“Well I think it is coming very close to the end of litigation. By that I mean that it is at a point now where the holders of the award are going to be able to enforce. The implications, and I don’t want to be misunderstood, the implications are for example…when you attempt to raise money—the Government of Belize attempts to raise money, one of the questions that is asked is are there any outstanding judgments against you. Government would have to say yes. That has implications for whether people are going to buy your bonds and they are going to say to you well what are you going to do about that judgment. I am not going to lend you money if you are going to have to take it and pay judgment creditors. So it is a matter, in other words, that has to be addressed. You can’t just ignore these things as a country.”

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