PM Explains Compulsory Acquisition of Stake Bank Lands  

Over the weekend, we caught up with Prime Minister John Briceño in Orange Walk where sought a more in-depth explanation as to why the government has decided to pursue the acquisition of Stake Bank lands and why the same process was not done for the university hospital land. Here’s what he had to say.

 

Prime Minister John Briceño

“If you remember in 2014, I think and in 2018 we passed legislation deeming that Stake bank is in the national interest of the country and we gave them extensive exemptions so that they can get this work done. Fast forward to today probably what’s about five, six years that they’ve been working, and they have not finished the project. They have invested probably about two hundred and seventy million dollars and then unfortunately. The different business partners fell out of favor. And the bank, they were not paying the bank. One of the main investors decided to pay off the loan. And so now, we’re trying to find between the two parties, trying to find a way for them to be able to come to some agreement, we’ve been unable to do that. The number of cruise lines that are coming are decreasing because we do not have where they can dock. And then this asset is being washed away. We believe our, as a responsible government, we have put out a first notice for compulsory acquisition. Then that means that whosoever owns the lands could come to government and say, this is my land, I need to be compensated. There’s a negotiation and then if there’s no, we cannot come to an agreement, then we go to the courts. What is most important is that that the government got from the main investors a deposit in the bank in the name of the government of Belize and also an indemnity bond so that whatever happens in the next two, three years, is going to quite likely go to the Caribbean Court of Justice. The government of the Belize and the Belizean people would not have to pay a single penny in the settlement of this project.”

 

Britney Gordon

“So why wasn’t the hospital land compulsorily acquired as well?”

 

Prime Minister John Briceño

“Because then it cost us a lot more than what we’re paying for.”