Michael Ashcroft’s Belize Bank seeks to enforce US$18 m award against Belize Government
From OffshoreAlert
Belize Bank Ltd. v. Belize Government: Petition to Confirm Foreign Arbitration Award
The Belize Bank Limited, which is controlled by British businessman and political activist Michael Ashcroft, has filed a petition at federal court in Washington, D.C. to enforce an arbitration award totaling approximately US$18 million against the Government of Belize.
In the petition, which was brought on April 18, 2014, Belize Bank claims that the Belize Government “did not respond” to a demand that it satisfy a “final award” issued by arbitrators L. Yves Fortier, CC, QC, Hilary Heilbron, QC, and Zachary Douglas, sitting at 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 and £536,818 in arbitration and legal costs.
The loans were advanced to Universal Health Service Company Limited, a provider of healthcare services in Belize, and “ultimately guaranteed by the GOB in December 2004”, it was stated in the petition.
The Belize Bank is controlled by Michael Ashcroft, 68, a former Deputy Chairman of the Conservative Party in the United Kingdom who holds dual British and Belizean nationality and is a Belonger of the Turks and Caicos Islands.
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