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  • Speaker Of The House Signs MOU With FOPREL And SICA

    Friday, 07 September 2018 02:44
  • New International Flight Headed To Belize

    Friday, 07 September 2018 02:46
  • 224 Farmers Graduate From Farmers Field School

    Friday, 07 September 2018 03:09

The Permanent Court of Arbitration in the Netherlands has issued its ruling as it pertains to the BTL acquisition. As we told you last night unofficial reports indicate that the Dean Barrow Administration will have to pay Lord Michael Ashcroft some BZ$250 million dollars for approximately 45 million shares in Telemedia. As we told you last night while the Ashcroft side claimed the shares were worth around ten Belize dollars each…. government’s international experts, the valuation company, NERA, put the value at about one dollar and fifty cents per share. Unofficial reports are that the arbitration panel placed the cost per share at about BZ$5.50.


Today Prime Minister Dean Barrow spoke about the ruling stating that the exact payment figure is not final it is being reviewed by both sides.


Screen_Shot_2016-05-11_at_7.55.45_PMRt. Honorable Dean Barrow – Prime Minister of Belize


“While it is not final it is a clear indication of what it is likely to be the end result that is true, they’ve come down a little bit under the mid-point valuation which is good for us and 60% of what they are indicating the award is likely to be is going to be attributable to what the accommodation agreement so since as you know.”


Reporter


“Even though taken as its most favorable interpretation that is still about US$40 or US$50 Million that has to be paid out, where will the government find the money?”


Rt. Honorable Dean Barrow – Prime Minister of Belize


“You know that we already, in fact, raised the legal limit on treasury bills and so we are going to do domestic borrowing, remember also too though that we under the agreement, we only paid half of it immediately and then we have a year to pay the balance and look we knew we have to pay we took the company and we will have to pay.”


Government has already paid $162.7 million towards the total compensation value. 

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