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Nov 22, 2017

Belize Bank Says It’s All Over; U.S. Refused Hearing on Enforcement

Late this evening, the Belize Bank also issued a press release on the decision, stating, “In its judgment today, the CCJ granted permission to the Bank to enforce the L.C.I.A. Award in the same manner as a judgment or order of the Supreme Court to the same effect. It also ordered that the Bank have its costs for the appeal before the CCJ as well as before the courts below. In light of the interest which has been accruing on the L.C.I.A. Award, the total amount due as at twenty-second November, 2017 is ninety million, six hundred and forty-five thousand, six hundred and seven dollars and twenty cents. The CCJ’s judgment follows in the footsteps of the enforcement of the L.C.I.A. Award in the United States. On eighth June 2016, the US District Court in the District of Colombia enforced the L.C.I.A. Award and entered judgment upon it. That decision was appealed by the Government to the U.S. Court of Appeals for the District of Columbia Circuit. The Court of Appeals affirmed the judgment of the District Court on thirty-first March 2017. And on thirteenth November 2017 the U.S. Supreme Court rejected the Government’s request to review the decision and judgment enforcing the L.C.I.A. Award. As a result, judgments enforcing the L.C.I.A. Award are now final and not subject to further appeal in both the United States and Belize.”

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