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Jul 13, 2016

G.O.B. Comes Up With First Payment to Ashcroft Group

Has the Government of Belize made the huge first payment in the approximately four-hundred-million-dollar bill outstanding in the Arbitration Award for the B.T.L. nationalization? Today was the deadline as set by the permanent court of arbitration, and at four-twenty-five this afternoon, via text, Prime Minister Dean Barrow replied only – YES to the first payment.  The total award is over half a billion dollars which includes interests at eight point three-four percent accumulated over the past seven years. That rate was agreed to by the government at the time of the nationalization in 2009.  Barrow did not respond to further queries for additional information. The Governor of the Central Bank informed us that he could not reveal any information since it is confidential, but News Five understands that one hundred and forty million dollars was paid in Belize currency and thirty-eight million dollars was paid in U.S. currency. We also are told that up to the eleventh hour there was dissension between the parties as to quantum. We also know that G.O.B. had indicated that it would be making the payment through treasury notes sold to the Central Bank.

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