Belize Bank seeks arbitration at LCIA

In other legal matters, the Belize Bank today filed a request for arbitration before the London Court of International Arbitration, LCIA, and served it on the Government of Belize. This latest request has been brought by the Belize Bank following a ruling by the Chief Justice on July fourth that the Government of Belize would have to settle any outstanding dispute relating to the recovery of ten million U.S. dollars from Venezuela at the LCIA.

This all goes back to February of this year and various agreements between the government and the Belize Bank. At that time the Government initiated proceedings against the Belize Bank alleging that the Bank had unlawfully and improperly received the Venezuelan monies payable under a January 2008 agreement with the Bank. The Bank in turn is claiming that the Government breached an agreement to arbitrate contained in a 2007 March Settlement Agreement when it commenced proceedings in the Supreme Court.