Belize Bank seeks enforcement of $43 Million award from G.O.B.

In late December 2010 B.C.B. Holdings, through the Belize Bank, scored a legal victory when Justice John Muria ruled in favor of enforcement of a forty-three million dollar award from the Government of Belize to the bank. Government appealed the decision by Justice Muria and today in the Chief Justice Chambers, a hearing was held throughout the day. Arguments were presented by Eamon Courtenay on behalf of the Bank and Michael Young on behalf of the government. Late this evening the case was adjourned to continue next Tuesday.

The award arises from a settlement deed signed back in 2005 between Belize Bank and G.O.B. Government refused to pay and the case was subsequently elevated to the international courts. In August 2009 the London Court of International Arbitration issued the award but the government did not participate in the proceedings, preferring to settle the matter in Belizean courts. But in December when the judgment was awarded in the Supreme Court, the judge found that the agreement was valid and legal as declared by the London court. Of note is that government has been ordered to pay to the bank forty-three million dollars plus interest that accumulates every day.