PM Briceño Reacts to B.C.B.’s Invocation of Bilateral Investment Treaty

As we reported earlier this week, the British Caribbean Bank and Prize Investment Holdings are at odds with the government over the rejection of the proposed Port of Belize Expansion Project. Together, they have opted to invoke the Bilateral Investment Treaty between Belize and the UK for resolution. The last time this was done was back in 2009, when the previous U.D.P. administration, under Prime Minister Dean Barrow, nationalized B.T.L.  Belize ended up paying over half a billion dollars when the court ruled in favor of the former owner of the telecoms giant.  But PM Briceño told the media today that the circumstances are different and that throughout the process, the government has been following the law.

Prime Minister John Briceño

Prime Minister John Briceño

“We have always said that we have to follow the law, we have to follow the process and all projects, especially huge projects like the Waterloo project is a huge one and we have to make sure that we do it right that we ensure that we take the necessary steps to protect our environment. And so, the NEAC they have ensured that they follow every step of the way and they decided as a group – it’s a group of over twelve individuals – they decided that they don’t think it should be approved based on what is in front of them. If there is a petition against the project, again it is the right of our citizens, it is their democratic right to express their views for or against and that’s okay and we will take that into consideration. As to the investors of the Waterloo Group, if they want to invoke that treaty, again that is their right. It is a treaty Belize and the United Kingdom over the protection of investments and so they’ll do that and we as a government, we have to defend the interests of Belize so again it is within their right to be able to invoke the protection under that treaty. No one wants to pick a fight with anyone, especially with Mister Ashcroft who has deep pockets; and we don’t look forward to that, but we have to protect the interests of Belize. But it is a big difference between what’s happening with Waterloo and what happened with BTL. With BTL, the government illegally nationalized the company and the government knew that they would have to compensate because they took away an asset. I think that it was foolish for the government of Belize to drag us through the courts – like a James Bond movie, we were in Paris, we were in London, we were in New York, we were in Miami, we were in Central America, all over the world having these fights with Lord Ashcroft when the Prime Minister then knew that they would have to pay. We are not doing that; we have not nationalized anything, we are not doing anything illegal. All we are doing is following the process of the law. We know that Belize is recognized as an environmental paradise and that we believe that we also have a responsibility, not only to Belizeans, but to humanity in protecting the reef. It’s a God-given gift and it is our responsibility to protect it for future generations. So we have to ensure that we do it right.  And if the Waterloo Group could meet the criteria that has been set by the NEAC, the government will fully support what they are doing.”