Central Bank asks Belize Bank to pay back USD 10 million

Following the situation with Venezuelan Grant, on March 17, 2008, the Belize Central Bank annonced issuing a directive to the Belize Bank to return to the Belize Government the sum of USD 10 million donated to the people of Belize by the Venezuelan Government.

On December 28, 2007, the money was sent by the Fide-comisios de Venezuela to the Government and people of Belize, and it was illegally diverted by the Government of Belize for settling a private debt with the Belize Bank.

A 2nd directive to the Belize Bank provides instructions for the bank to provide full information and documentation related to USD 10 million received by the Belize Bank from the Govenment of Taiwan.

According to the notes released by the Central Bank, failure to comply with these directives of the Beize Central Bank will be a criminal offence. By means of a press release, the Belize Bank has responded that the Central Bank is not a legal authority that is entitled to make such a directive.

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