Chief Justice rules against Belize Bank

Chief Justice Abdulai Conteh, this morning made his ruling in the case of the Belize Bank versus the Government and the Central Bank. The C.J. ruled against five declarations put forth by the Belize Bank and did not grant an injunction filed by the company in mid-July, objecting to two appointments made by Prime Minister Dean Barrow as Minister of Finance to the Central Bank’s Appeals Board. The board had written to the Belize Bank instructing them to give a full report of what happened to the ten million U.S. dollars Belize received from Taiwan and to also return the ten million U.S. dollars which was gifted to Belize by Venezuela. In making his ruling, Conteh said he was not satisfied or convinced that the P.M.’s appointments undermined the impartiality of the Appeals Board and refused the declarations of the Belize Bank that its orders were unlawful and void. Chief Justice Conteh stated that because the sitting Chairman of the Board, Justice Samuel Awich, is a Supreme Court judge, any decision would be independent and fair. The C.J. also added that there was a clear intention by the Belize Bank to frustrate any attempt by the Central Bank to enforce its directives. Those sentiments were seconded by Central Bank Attorney Lois Young.

Lois Young, Attorney for Central Bank of Belize
“It is a significant victory but the case itself, the application by the Belize Bank was a nonsense in the first place … just took us through all of this for what? But in the entire scheme of things, yes, a good victory. I don’t know what the Central Bank is going to do about enforcing its directives now.”

Chief Justice Conteh also awarded the defendants the majority of their legal costs. The Belize Bank has confirmed that it will be appealing the ruling. It appears that the Central Bank has acted quickly on its court victory as word reaching News Five this evening is that the government institution has issued an order of compliance to the Belize Bank.