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Nov 1, 2017

P.M. Says It’s Over – Will Pay by Deadline

Dean Barrow

Prime Minister Barrow, following this morning’s decision, called a press conference this afternoon to address the judgment.  While government will meet its obligations to Dunkeld and B.T.L. Employees Trust in their entireties, PM Barrow is not too happy with the outcome. He says that the CCJ verdict leaves a lot to be desired.  The quantum of seventy-eight million dollars will be covered within the period specified by the appellate court, without adversely impacting the Central Bank reserves.

 

Prime Minister Dean Barrow

“Altogether then we have to pay, and the order is that we should make payment on or before the tenth of November 2017 in U.S. currency the two amounts that I have just referenced.  That is sixty-two million, eight-forty-nine, seven-nine-nine, twenty-three to Dunkeld and fifteen million, three-one-four, zero-six point eighty-four to the trust.  I repeat that the money is money that we have long since set aside because we knew what the balance of the second payment would be.  We set it aside in Belize dollars.  We did in fact, reserve a portion in U.S. which accorded with our sense of what the liabilities were likely to be and that U.S. amount is in fact deducted from the total U.S. payment due to Dunkeld and the trust and what I gave you are the balances after you make the deduction for the twenty and five million, respectively, in U.S. currency that we put aside. We will make the entirety of the foreign currency payments by the date given in the order of the court.  What the court did was to say no interest is to run because of certain actions on the part of the Ashcroft alliance.  No costs are order, again because of certain actions on the part of the Ashcroft alliance, but the court approved and upheld their quantum in terms of the calculation of the liabilities as certified by two accounting firms that the court said there was no reason to question.  The bottom line is, we are going to pay these people everything by November tenth and so there will be no question of this eight point three four percent running.  Already an informal approach was made to us to talk about installment, the possibility of installment payment but that’s because then they would collect the interest from us.  We will make one payment and be done with it and that’s going to be an end to the saga insofar as paying off for the nationalization of B.T.L. is concerned.”

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