C.J. reserves ruling in Belize Bank vs. Central Bank case
But while Telemedia scored big this afternoon, Chief Justice Abdulai Conteh has reserved ruling in the case between the Belize Bank and the Central Bank. The dispute involves over ten million U.S. dollars gifted from Venezuela to Belize which the government wants to recover. Both sides concluded arguments and today attorney for the government, Lois Young rebutted the bank’s legal representative, British Barrister Vincent Nelson, on his submission that the appointment of the Board was biased. Young submitted that the Prime Minister had exercised his statutory duty when he appointed the Appeals Board and pointed out that of the two persons named by the P.M., Jaime Alpuche had worked for both the P.U.P. and U.D.P. governments, while Jeffrey Locke has worked for neither government. Nelson also contended that words such as “diversion of money” and “conspiracy” had been used against the Belize Bank transaction and the attorney further questioned and we quote, “Why is it that the statutory duty made into law in 1995 has not been recognised before now?” Attorney Michael Young, who is representing the government’s appointees, pointed out that Alpuche and Locke had nothing to do with the Board’s appointment and should not have any financial obligations in respect of court costs. At the end of the proceedings, Lois Young offered comments to the press.
Lois Young, Attorney, Central Bank
“At the end of the day, after the Appeals Board hears their case, if they are not satisfied they can appeal to the Court of Appeal, which is the highest court here in Belize and after that the Privy Council, so they are well-covered in terms of fairness.”
Jules Vasquez, Channel 7
“If the ten million is ordered to be refunded that’s what the arbitration is about.”
Lois Young
“That’s what the arbitration is about so I don’t know how that will play out. That is a problem I suppose, will be a problem or could be a problem. There was another directive along with that first directive to return ten million. There was another directive which was give us the evidence as to why you felt you could keep the ten million from Taiwan. They’ve totally ignore that and they’re focusing, for them it’s all about the ten million but for the Central Bank, if you look at the complaints that the Central Bank has, you will find that the Central Bank is telling Belize Bank you have engaged in a scheme of layering to hide the money that was passing through your accounts. Those are transgressions of your banking licence, they are transgressions of the money laundering act and they are other things beside just the ten million at the end of the day if you look at what the Central Bank has written to these people. In fact, the last letter the Central Bank wrote, which actually set out every single thing that they have done and tied it into every single regulation that they have broken; the detail is incredible. And you will see a picture of the Belize Bank moving away from being a strict bank into getting into a trust business, taking on fiduciary responsibilities and doing all of that in an effort to layer the processing of this money. For what end?”
Young said this was the most technical case she has ever had to argue. She added that if the Chief Justice rules that the Appeals Board cannot hear this appeal then government will have to decide what options it will take. Young is aided by Pricilla Banner, while the other attorney for the Belize Bank is Andrew Marshalleck. When he delivers his judgment, Conteh will also address a directive from the Central Bank to the Belize Bank requesting details of monies from Taiwan granted to Belize.
