Belize Bank: It acted in good faith to settle U.H.S. debt

The reaction to Musa’s arrest and arraignment was swift from the Belize Bank which says in a release that whether or not there is any substance to the charge is now a matter for the courts. According to the bank, it was not a party to the discussions between Belize and Venezuela and it did not have knowledge of what was agreed between the two. The bank says it acted in good faith to settle the U.H.S. debt and advanced substantial sums to the hospital on the basis of Government’s assurances and is entitled to repayment of those sums. In reaching a settlement, it discharged the U.H.S. debt and withdrew litigation proceedings against the Government and agreed to forgo millions of dollars so that the hospital can continue under new ownership. The release also says that the bank has been wrongly forced by the Central Bank, acting at the behest of Barrow administration to pay ten million dollars to the government and that by holding on to the monies, the new government has sought to avoid the obligations of the past administration. According to the Bank, the government has used the tools of the state to obtain free money. And to drive home the point, the Belize Bank says it expects to recover the money in full in due course.