Belize Bank pays up ten million U.S.

Back in March, the Government of Belize decided to go after the Belize Bank for ten million U.S. dollars granted by Venezuela late last year in December. Well today, after what appeared to be endless litigation, the government received the monies in Round One of the G.O.B. versus Ashcroft match. And it was handed over by the Bank President, Philip Johnson, who came back to Belize temporarily and over a lunch meeting with the Attorney General Wilfred Elrington, made good on a decision by the Central Bank’s Appeals Board. Johnson was away on holiday when an arrest warrant was issued for his detention on Friday, August first.

The latest chapter to this legal debacle unfolded last Thursday night, when the Central Bank Appeals Board declined the Belize Bank’s application for a stay in proceedings and a suspension on the execution of a March fourteenth directive which instructed that the monies be paid to the government.

In round two of the continuing stand-off between the two adversaries, the Belize Bank is appealing the decision of the board. In a release issued this afternoon, it gives notice that the Bank will continue to pursue its claim against the Government through the London Court of International Arbitration. And lest you had doubts that the matter is settled, according to the Belize Bank, the government owes it in excess of fifteen million U.S. dollars, including the ten million deposited today, interest, and other fees.