7 News Belize

Tomorrow Is Judgement Day For GOB and 91 Million Arbitration Award
posted (March 20, 2018)
Government is hoping for the best, but bracing for the worst as the CCJ could come down with another hammer blow judgement against them tomorrow.

The case is the matter of the Belize Bank Ltd. vs. The Attorney General - and that 90 million dollar award plus interest for Universal Health Services. We showed you arguments from both sides last week when they appeared at the seat of the Court in Port of Spain, Trinidad.

Well, tomorrow is judgement day. At 9:00 am Belize time, the court will pronounce on whether it will direct the Minister of Finance directly to pay the 91 million dollar ward - which the court has said is enforceable. The Government has held that it is strictly a matter for parliament to decide, not the Executive, or the Minister of Finance. If the government loses, it would be considered a costly and consequential defeat - after some months of evasion and grandstanding. If they win, they live to fight another day - and allow parliament to decide if it will pay.

And while that's what the Bank is asking for, the Government is asking the CCJ the adjust the interest rate down from 17% to 6%.

The judgement will be streamed live on the CCJ website, and you can find a link to that at 7Newsbelize.com.

http://bit.ly/2prTjtn

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