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Nov 27, 2017

Could Gov’t UHS troubles affect Superbond?

While the Government is still reeling from the recent C.C.J. decision confirming that they owe Belize Bank over ninety million dollars for a loan note in respect of U.H.S., other major problems may be looming in relation to the Super Bond.  That is because under the terms and conditions of the Super Bond, the Government may be in default if any enforcement order or similar process shall be levied against all or any substantial part of the assets of Belize in connection with any judgment for the repayment of money exceeding twenty-five million U.S. dollars and shall remain unsatisfied for a period of sixty consecutive days. Besides the recent C.C.J. decision regarding U.H.S., G.O.B. reportedly Government has outstanding judgments totaling almost eighty-five million U.S. dollars, which have reached their final determination in the United States courts and have been outstanding for more than sixty days. Therefore, Belize may already be in default under the Super Bond in the United States.  The recent C.C.J. decision if not honoured could also result in a breach of the Super Bond terms here in Belize.

 

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