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Jan 21, 2013

London Court awards $36 Million to Belize Bank

It is not known how it will factor in the superbond savings but the London Court of International Arbitration recently issued an award in favour of the Belize Bank Limited in arbitration proceedings commenced by the Bank against the Government.  Word to News5 is that the arbitration concerned the breach by the Government of a loan note, dated March twenty-third 2007, entered into as part of a settlement of earlier disputes between the Government and the Bank concerning the former Universal Health Services hospital. In its January fifteenth decision, the LCIA made it clear that the loan note was valid and binding, and found the Government in breach and in default of the loan. Accordingly, the Final Award requires the Government to pay thirty six million eight hundred and ninety five thousand plus Belize dollars to the Bank in reimbursement of the amounts due under the loan Note plus interest at seventeen percent compounded on a monthly basis from September eighth 2012 until the date of payment.  The Government has also been ordered to pay close to one point seven million Belize dollars representing the arbitration costs and a portion of the Bank’s legal and management costs.

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3 Responses for “London Court awards $36 Million to Belize Bank”

  1. Storm says:

    UHS — another coup for the people of Belize!

    I hope foreigners will soon learn: DON’T LEND MONEY TO THE JEWEL! Then GOB, whether UDP or PUP, won’t be able to enslave us any further.

  2. Abi says:

    This is just another sad chapter in the history of Belize.

    Perhaps Mr. Musa can remind us how this was “in the best interest of Belize” ;-(

    So I can explain to my children.


  3. Bear says:

    We consistently field the WORST legal team and receive the WORST legal advice in the world!

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