Will the Central Bank have to withdraw the arrest warrant for Belize
Bank President Phil Johnson? That’s what the Central Bank Board of Appeals
decided this evening. The Belize Bank had asked the appeals board to suspend
any action to enforce the Central Bank’s March directive and a stay of
other proceedings before the Appeals Board until other arbitral matters are
settled in London.
The judgement was delivered just after 7:00 and it says two things:
Justice Samuel Awich found that there is a special circumstance for him to stay
the directive regarding the Taiwan transaction, but he could not collectively
or individually stay the directive for the Venezuelan grant funds – which
means that Belize Bank has to credit government’s account – in small
change, they have to refund the ten million dollars. It finished after seven
and Janelle Chanona spoke to both sides.
Lois Young, Attorney for Government
“The directive which is by way of criminal prosecutions to anyone
at Belize Bank who is responsible for the bank, who is here.”
Janelle Chanona,
You feel like they won’t comply then with the order?
Lois Young,
“I don’t know. I think they will. I hope so, I don’t know.”
Janelle Chanona,
What would be the recourse on the Central Bank’s part, the exact criminal
charge?
Lois Young,
“The charge is failure to obey the directives of the Central Bank.
I am tired, I am going. Thanks, bye.”
Phillip Osborne, Belize Bank
“We are going to appeal it and of course if the bank is required to
pay the bank must pay.”
Janelle Chanona,
How do you go about asking for an appeal, on what grounds?
Phillip Osborne,
“We will have to consider those further. We’ll have to look
at the written decisions and then put the way forward.”
Janelle Chanona,
What does this mean for your bank president, does he have to stay out of the
country?
Phillip Osborne,
“No I don’t think you can make that the case. We’re obviously
going to discuss it and then I am sure he will be back in Belize very soon.”
Janelle Chanona,
And what about your case that the bank is having some trouble, its heavily indebted
I think was the word you used?
Phillip Osborne,
“No that is nonsense. That is complete nonsense.”
Belize Bank argued that the special circumstance is that the government
is so short on cash that if eventually government is ordered to pay the money
back to the bank, it may not be able to come up with the cash.
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