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May 4, 2009

G.O.B. loses A.C.B case; ordered to pay court costs

The Belize Bank this afternoon reacted to conflicting media reports on a ruling last Thursday by Justice Minnet Hafiz in the Supreme Court against the government in which GOB was ordered to pay the costs of A.C.B. in bringing this case. Last week Justice Hafiz delivered a judgment in the case brought by the A.C.B. challenging the lawfulness of the loan note issued by the GOB as part of a settlement regarding the U.H.S. debt. The Bank said today that the ruling by Justice Hafiz did not grant an order declaring the settlement signed by GOB in March 2007, to be unlawful. According to the Belize Bank, Justice’s Hafiz’s order concerned only the loan note and did not (quote) absolve the government of its obligation to settle the U.H.S. debt owed to the Belize Bank (unquote). Neither did the judgment deem the settlement of the U.H.S. debt in 2008, as part of which the Bank was paid funds from the Taiwanese government, unlawful, says the Bank. The release stressed that Justice Hafiz held that the Bank does have legitimate claims against the Government. Even though Justice Hafiz found that the loan note issued by the government was unlawful she went on to say that the Bank only agreed to enter into the settlement on the basis of representations made by government and that the Bank has claims in respect of these on ongoing arbitration proceedings.

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