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Oct 19, 2017

Impasse in Collecting Outstanding Arbitral Awards in U.S.

Dean Barrow

While litigation involving the Ashcroft group is before the Caribbean Court of Justice, Prime Minister Barrow has weighed in on the matter of arbitral awards that were supported by the U.S. Supreme Court.  According to the P.M., the Ashcroft group cannot execute on the award in the United States since Belize has no assets abroad.

 

Prime Minister Dean Barrow

“There are these awards that he had upheld by U.S. courts and then it reached the point where all that was left was for him to execute against the government in order to try to collect on the awards.  You know our position, the government does not have any assets in the U.S. and so execution has proven to be an impossibility.  We were concerned that he would try to go against the assets of the Central Bank which clearly under international law are not assets of the Government of Belize.  He and his lawyers ultimately said they conceded that point and we’ve not heard of anything that suggests that they have changed their position and would be seeking to put in danger the holdings of the Central Bank in U.S. commercial banks.  And so as far as we can tell that issue is frozen.”

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