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Aug 7, 2008

Central Bank Appeals Board decides on Belize Bank case

At six o’clock this evening, the Central Bank’s Appeals Board chaired by Justice Samuel Awich began delivering a decision in respect of the application made by the Belize Bank in the ongoing case of the Venezuelan and Taiwanese monies. The hearing got underway yesterday and continued today in-camera after appeals board granted a request by the Belize Bank to a private hearing because of the confidential information that would be divulged. The Board deliberated expeditiously for a few hours this afternoon on the arguments presented by attorneys Andrew Marshalleck on behalf of Belize Bank and Lois Young on behalf of the Central Bank. We will bring you more of this story as details unfold.

The Belize Bank had requested a suspension of the execution of a Central Bank’s directive of March fourteenth that instructed the Belize Bank to return monies gifted to the government of Belize. The Bank also asked the Appeals Board to stay proceedings until arbitration is settled by the London Court of International Arbitration and after an appeal is heard of last Friday’s ruling by Chief Justice Conteh on the composition of the Appeals Board of the Central Bank. Within hours of Conteh’s ruling last Friday, a warrant was issued for the arrest of the Bank’s President Phillip Johnson who is away from Belize on holidays. Judge Awich is joined in the Appeals Board by Jaime Alpuche and Jeffery Locke.


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