Belize - Belize News - - Great Belize Productions - Belize Breaking News
Home » Featured, Miscellaneous, People & Places » Government ‘Misleading’: Courtenay Says Belize’s Foreign Reserves Cannot Be Touched
Feb 9, 2017

Government ‘Misleading’: Courtenay Says Belize’s Foreign Reserves Cannot Be Touched

The crusade by the U.D.P. started with their call on Wednesday for his removal from the Senate. It has to do with the ongoing fight over arbitration awards granted to BCB Holdings and other companies. BCB, now known as Caribbean Investment Holdings Limited, is challenging the Central Bank of Belize (International Immunities) Act in the Supreme Court, where papers were filed today. We will have more on that later on, but first: are the Government’s claims that foreign reserves were at risk from the actions of BCB Holdings and others in the United States not true and intended to mislead? According to the Foreign Sovereign Immunities Act of the U.S.A., the property of a foreign state shall be immune from attachment and from execution, if the property is that of a foreign central bank or monetary authority.  News Five spoke this afternoon with Senator Courtenay about the efforts to taint his name and what can be targeted by the arbitration award holders.
On the Phone: Eamon Courtenay, P.U.P. Senator

“The entire premise of the Government’s attack on me, personally and professionally, is on the basis that my client challenging the statutes that were passed recently in the House of Representatives, the foreign reserves of Belize are at risk; that is false and untrue. The foreign reserves of Belize are protected in the United States of America by the laws of the United States of America; the reserves of Belize cannot be attached – the reserves held by the Central Bank cannot be executed against – by any judgment creditor. The Government knows that; and they are misleading the Belizean people into believing that there is a crisis and that the foreign reserves are at risk. That is not so.”



“In relation to that, there was the judgment earlier this week – you’ve explained why you can’t speak about it – but when it refers to assets of the Government of Belize, what specifically is it speaking about?”


On the Phone: Eamon Courtenay

“Well, all that judgment has done as far as I am aware, is that the judgment creditor can make an application to any court in the United States if you have identified assets of Belize, other than reserves. That’s what that says; if you can find commercial assets of the Government in the United States, then you go to the court where that commercial asset is and try to attach it. That has nothing to do with the reserves of Belize.”



“And what would be examples of that?”


On the Phone: Eamon Courtenay

“By way of an example, let us say that the government of Belize owned sugar plantations in Belize; and it sold the sugar on the international market to Tate and Lyle. That’s a commercial transaction; and therefore, the payment that would be due from Tate and Lyle to the Government of Belize could be attached, because that is a commercial undertaking by the Government, entering into a commercial contract with Tate and Lyle, and the proceeds of sale could be attached. So that is an example of the type of thing that can be attached, which is completely separate and different, for example – the Government getting money from the I.D.B.; the Government getting money from the I.M.F.; the Government borrowing money from Taiwan, which are all official loans to the Government of Belize and which form part of our foreign reserves. Those are immune by the laws of the United States.”

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

You must be logged in to post a comment Login