Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Featured, People & Places, Trials » G.O.B. Has 9 Days to Find Money
Nov 1, 2017

G.O.B. Has 9 Days to Find Money

A release from the CCJ points out that the court is holding G.O.B. to tough terms if payment is not met in the prescribed timeline, thereby imposing an interest rate compounded on the existing amount on a quarterly or an annual basis.  During his reading of the judgment, Justice Hayton provided a detailed breakdown, in dollars and cents, of the total that government has to pay.

 

Justice David Hayton, Judge, CCJ

“The liabilities should be those certified as due on the 28th June, 2017 by the independent auditors and the amount due in U.S. dollars and Belize dollars below certified by such orders.  Because the amount due on the due date for payment should have been notified well in advance so as to enable the Government of Belize time to organize payment of the large sums due, we consider it appropriate that the Government of Belize should only be ordered to make the due payments set out below on or before the tenth November, 2017.  So the court orders the Financial Secretary, on or before November tenth, 2017, to pay: one, to Dunkeld, the amount of U.S. dollars sixty-two million, eight hundred and forty-nine thousand, seven hundred and ninety-nine [dollars] and twenty-three cents, representing seventy-eight million, two thousand and ninety-nine, nine hundred and forty-seven [dollars] and twenty-six cents in U.S. dollars as certified to be due on the twenty-eighth June, 2017 by Horwath Belize LLP, less the sum of fifteen million, four hundred and fifty thousand, one hundred and forty-eight and three cents U.S. dollars that was actually being paid by the Government of Belize to Dunkeld on the eighteenth July, 2017.  And secondly, to pay to Dunkeld the amount of Belize dollars, two hundred and forty-five thousand, one hundred and fifty-five and thirty-six cents, as certified to be due on the twenty-eighth June, 2017 by Horwath Belize LLP.   And then thirdly, to the trust, the amount of U.S. dollars fifteen million, three hundred and fourteen thousand and six dollars and eighty-four cents, representing twenty million three hundred and thirty-eight thousand, nine hundred and forty-two U.S. dollars and ninety-four cents, as certified due on the twenty-eighth June, 2017 by Moore Stephens Magana LLP, less U.S. dollars five million and twenty-four thousand, nine hundred and thirty-six U.S. dollars and ten cents paid by the Government of Belize to the trust on the eighteenth July, 2017 and for the trust, the amount of Belize dollars, ten million, three hundred thousand, five hundred and eighteen and thirty-four cents… certified to be due on the twenty-eighth June, 2017 by Moore Stephens Magana LLP.  And to the extent that full payment is not made on or before the tenth November, 2017, interest will run thereafter at eight point three-four percent per annum, compounded quarterly pursuant to Paragraph 362J of the Arbitration Tribunal’s final award… pursuant to clause six of the settlement.”

Be Sociable, Share!


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

Leave a Reply

CAPTCHA Image
*