Telemedia injunction challenged in court

Today was day two of arguments by attorneys for seven persons who filed an application against the Attorney General over an injunction granted in favor of the government last year.  The application was brought by Dean Boyce formerly of Telemedia, former Central Bank Governor Keith Arnold, attorney Philip Zuniga, and others after Supreme Court Justice Samuel Awich granted the injunction to government over the nationalization of Belize Telemedia. The application is based on grounds that the injunction is unjust and unfair because it seeks to bar trustees of Telemedia shares from seeking compensation for the shares using the international arbitration process.  Since Tuesday Justices Manuel Sosa, Dennis Morrison and newly sworn in judge, Brian Alleyne have been hearing arguments from attorneys Nigel Fleming and Eamon Courtenay for the appellants and from Lois Young for the Attorney General.  Under the amended Telecommunications Act, issues of how compensation is to be dealt with are laid out but if the shareholders choose to go about it the way of the international Investment Treaty which Belize signed with the UK, the value of those shares would be vastly different than those set out by the local courts.  The case will continue on Thursday with closing arguments from both sides.