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“Judgement Day” Anticlimax: CCJ Gives Partial Judgment
posted (March 21, 2018)
Today was supposed to be judgement day for the Government of Belize in the 90 million dollar case with the Belize Bank - but it turned out to be not such a momentous judgement after all. That's because the court only gave a partial decision on the rate of interest added unto that 90 million. It did not make any pronouncement on what the bank asked for, which is an enforcement order against the Minister of Finance and the Attorney General, forcing them to pay the judgment debt.

So, while everyone waits on that, in the matter of the rate of interest, Government wanted the CCJ to reconsider whether the judgment should have a running interest of 17.6% compounded, or a simple interest of 6%.

Today, via teleconference, the CCJ gave the government a rare win: conceding that the 17.6% rate of interest was not correctly applied. Justice Adrian Saunders read out the findings from the seat of the court in Trinidad - while the attorneys tuned in via video conference here in Belize at the Supreme Court:

Hon. Adrian Saunders - Judge, Caribbean Court of Justice
"This is the application made by the Government of Belize in relation to the post-judgment interest. In the circumstances, this application succeeds. The applicable post-judgment interest is the statutory rate of 6% simple interest from the date of the certificate. Given that the 3 applications were heard together, and we have not yet formed a view on the other 2 applications, the issue of cost is reserved."

Solicitor General Nigel Hawke and attorney Eamon Courtenay were at the Supreme Court to hear the judges deliver the partial judgment, and after the hearing, we got a comment from both:

Eamon Courtenay, SC - Attorney for Belize Bank
"The court decided today that the interest rate that is applicable is 6%, which is set out in the statute, and not the 17% that was stated in the award. So, that that run from the date of the certificate, which was in November of 2017."

Nigel Hawke - Solicitor General
"We made an application on the issue of interest, post-judgment interest. We were arguing that it should be at the rate of 6%, instead of at the rate that was agreed in the award, which was 17% compounded, and the court agreed that since it was now leave to enforce the award, it should be at the rate of 6%. Our position has been vindicated."

Reporter
"Sir, this one loss for your side. Do you think that this is any indication as to how the other 2 may go?"

Eamon Courtenay
"I don't know why you described it as a loss. I think one of the things that people should realize is that on the 1st of February, the Bank wrote to the Government of Belize offering 2 things: firstly to accept payment over a period of time in installments, and secondly, to accept payment at the rate of treasury notes that were issued by the Government. My information is that the rate that was payable on those treasury notes was about 3.75% to 5.75%. So, the offer that we had made was at a less interest rate than the court is enforcement. So, once again, I believe the Belizean people are paying a higher interest rate, 6%, than the Bank was prepared to accept. To, your second question, I don't think that the question of interest has any indication at all as to the court's decision on the jurisdiction issue."

So, as you heard, this is 1 of 3 applications heard last week, and still outstanding is the big issue of whether or not to enforce the judgment against Belize. No date has been announced for that - and we'll tell you when it is.

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