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Mar 20, 2009

Telemedia will continue honouring accommodation agreement

We reported yesterday that the London Court of International Arbitration (L.C.I.A.) Awarded Telemedia thirty-eight point five million dollars in damages because the government of Belize decided not to honor the accommodation agreement it signed with B.T.L. in 2005. To drive home the point, Telemedia explained in a release today that the Government chose not to participate in the proceedings even though the L.C.I.A. held jurisdiction over the matter, including the validity of the contract. According to Telemedia, a significant part of the Award relates to the treatment of taxes, but additionally includes the recovery of legal costs and other outstanding Government debts. The release further states that in many ways it is very much business as usual, and Telemedia will continue as before on the basis that the Accommodation Agreement is fully in place. This evening the government also issued its own release saying that G.O.B.’s position has not changed in respect of the agreement.

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