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Aug 25, 2017

G.O.B. refuses to acknowledge new owners of arbitration debt

Michael Peyrefitte

The Government of Belize remains at an impasse with several companies seeking enforcement of various arbitral awards due them after judgments made in U.S. courts. It maintains the position that Belize’s highest court, the Supreme Court, and to a lesser extent the Caribbean Court of Justice, have maintained that the awards cannot be enforced, but Caribbean Investment Holdings Limited and others believe otherwise. Recently, Caribbean Investment Holdings Limited transferred its interest to Midway Investments Limited, based in the British Virgin Islands, and that company sued successfully for standing in the case. While in this specific case Attorney General Michael Peyrefitte says Belize’s reserves, particularly those of the Central Bank sitting abroad, remain safe, Belize’s position remains precarious, and the A.G. sent a loud and clear message to the man he believes is responsible.

 

Michael Peyrefitte, Attorney General

“We have no jurisdiction over midway and we believe that it is not a sound decision but I have a conference call with our US attorneys on Tuesday and then we will strategize as to where do we go from there. Do we want to appeal that in a US court, do we want to do anything more to bring out the fact that, that assignment and the upholding of that assignment is ridiculous.”

 

Reporter

“As someone with experience in the courts when you reach into it…shouldn’t you see it as a settlement?”

 

Michael Peyrefitte

“We don’t negotiate with terrorists and he is behaving like one, so he has to know that we will fight him to the end. What he is seeking, he should not be seeking in the first place, it is very unBelizean of him to seek that and what we are saying is that we will fight him to the end. And he is not a person that will settle because when you settle you have to give up something and he doesn’t want to give up anything. So how can you talk to a person like that.”

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1 Response for “G.O.B. refuses to acknowledge new owners of arbitration debt”

  1. Mike G says:

    What’s the word? Mal Pago.

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