Archive for April, 2014

Belize Bank Ltd filed petition against the Government of Belize

Saturday, April 26th, 2014

The Belize Bank Limited has filed a petition at federal court in Washington, D.C., seeking to enforce US$18 million arbitration award against Belize Government. Belize Bank claims that the Belize Government “did not respond” to a demand to satisfy a “final award” issued by the London Court of International Arbitration on January 15, 2013. The award comprised BZ$36.9 million, plus annual compounded interest of 17% from September 8, 2012 until the date of the payment, regarding unpaid loans, plus £536,818 in legal costs.

It is stated in the petition that the loans were advanced to Universal Health Service Company Limited, a provider of healthcare services in Belize, and guaranteed by the Government of Belize in December 2004.

Belize Bank Ltd is controlled by British businessman and political activist Michael Ashcroft who has dual nationality of UK and Belize, and is a belonger of the Turks and Caicos Islands.