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Feb 10, 2017

FinSec Says Belize Did Not Give Up Sovereign Immunity for Superbond

Joseph Waight

In making arguments against the Central Bank (International Immunities) Act, Senator Eamon Courtenay said on January thirtieth in the Senate that Belize did a similar thing to the Accommodation Agreement and Settlement Deed in waiving immunity in court proceedings to the New York County or Manhattan courts. But while conceding that that was standard for this type of agreement, Financial Secretary Joseph Waight today said he does not think it means more than that.

 

Joseph Waight, Financial Secretary

“No, I don’t think there’s sovereign immunity, I think in the loan contract, the bond contract we are talking about the law subject to the state of New York, which is standard for any international borrowing, but I don’t think there is anything about sovereign immunity; it’s a contract, it’s a loan contract, so no I don’t think there is anything about sovereign immunity in the bond itself, no.”

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