Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Featured, Miscellaneous, People & Places » F.T.C.’s Submits Motion to Stay Proceedings Against A.I.B.L.
Jul 10, 2019

F.T.C.’s Submits Motion to Stay Proceedings Against A.I.B.L.

Dean Barrow

Before the Prime Minister’s press conference today, the F.T.C. filed an application in the U.S. District Court of Maryland for a stay of the proceedings it commenced against A.I.B.L.  This, according to the Prime Minister, forms part of an agreement discussed in June.


Prime Minister Dean Barrow

“It wasn’t put in writing. We got back in touch with the embassy here to say that is not good enough. And the next day, in fact that telephonic settlement offer was put in writing and negotiations started in earnest. But by then the damage of this document had of course had already been done. The Federal Trade Commission hereby moves without opposition the court for a stay of all proceedings as to defendant Atlantic International Bank Limited for sixty days. F.T.C. staff and settling defendant have negotiated a written settlement in the form of a stipulated order which would resolve all matters in dispute among the F.T.C. and settling defendant Before the F.T.C. counsel can sign the proposed settlement, the settlement must be considered voted upon and approved by a majority of the F.T.C.’s five commissioners. Granting this motion will not prejudice any party and serves the interests of judicial economy. The Government of Belize including Prime Minister Dean Barrow and the Central Bank of Belize provided substantial assistance in helping to achieve this agreement in principal. What a difference from what was said when they filed the documents that is now circulating in the local media.”

 

We’ll have more on the Sanctuary Bay scam later in the newscast.


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
*