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Appeals Board sets December for Belize Bank vs. Central Bank hearing

GeneralAppeals Board sets December for Belize Bank vs. Central Bank hearing
The Banks and Financial Institutions Appeals Board met at the courtroom of Supreme Court Justice Samuel Awich this morning to formulate a strategy for how the case of the Belize Bank versus the Central Bank is to proceed.
 
The Belize Bank is still challenging the directives issued by the Central Bank to return the US$10 million diverted from a Venezuela grant to the bank under the last administration, as well as to provide information on the diversion of a second US$10 million gifted from Taiwan to Belize.
 
The Belize Bank has already returned the US$10 million, but without prejudice, as it continues to also challenge the Government of Belize in London-based arbitration over the same money it claims was due to it in settlement for the debt of Universal Health Services.
 
The appeals board which sat this morning is comprised of Jaime Alpuche, Jeffrey Locke, and Justice Awich – the chairman designated by Chief Justice, Dr. Abdulai Conteh, to lead the hearings.
 
Belize Bank’s attorney, Andrew Marshalleck, argued strenuously that the day’s session should be held in camera, and not in open court, because he claimed that for one, the Banks and Financial Institutions Act requires that information gathered during the course of a Central Bank investigation, from which the current dispute has sprung, should be disclosed only to limited parties as set out in the law and not made public. Secondly, he argued that the bank has a contractual obligation with its client to keep its banking information confidential.
 
In response to that point, however, Justice Awich noted that the bank had already averred certain facts against its customer, the Government of Belize, in this case.
 
The Central Bank’s attorney, Lois Young, contended that Marshalleck’s argument could not stand, because the bank had itself waived any claim to confidentiality when it voluntarily disclosed the information before the Supreme Court in affidavits the bank had filed for two cases stemming from the very same dispute.
 
She also said that the Belize Bank had already breached the confidentiality of client information when it alleged the “near bankruptcy” of its client. Another point the attorney made was that the appeals board has a constitutional obligation to hold the hearings in open court and that obligation can only be waived in certain circumstances, such as a case whereby the safety of a person called to testify before the tribunal is in jeopardy.
 
In the end, Justice Awich ruled that the session would be held in open court. However, at the end of today’s session, Marshalleck made known his intent to the appeals board to resurrect his argument for in camera hearings when the case resumes in December.
 
Marshalleck was also adamant in arguing for disclosure of all the evidence upon which the Central Bank relied to arrive at its directives. He repeatedly insisted on that disclosure, and the appeals board eventually ruled that indeed, a date would be set for disclosure of further evidence.
 
Awich made clear that the board will have to know all the relevant facts, including what documents are available on the transactions and what transpired with relation to the inspection made by the Central Bank of the Belize Bank.
 
He explained to the parties that all additional affidavits (including expert evidence) have to be filed by October 17, and disclosure of any additional evidence not exhibited with the affidavits must be made by October 31. The parties then have until November 14 to indicate which deponents they would want to cross examine. Written submissions from both parties are due by November 26, and the actual hearing of the Belize Bank’s appeal has been set for Monday, December 1 to Thursday, December 4.
 
Marshalleck had submitted a proposed timeline to the court that foresaw the case being drawn out to February 2009.
 
Even though Justice Awich had said that he does not see the case going past December, Marshalleck insisted: “We think it has to go past that.”

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