The Belize Bank has lost its case at the Belize Court of Appeals on Friday, March 19. The bank had appealed a ruling won by the Association of Concerned Belizeans, Godwin Hulse, the Medical and Dental Union and the National Trade Union Congress, who had challenged the secret signing by former Prime Minister Said Musa of a loan note with the Belize Bank in 2007 for $33.5 million, to be used to service Universal Health Service’s debt.
In April of 2009, Justice Minette Hafiz ruled that the agreement was unlawful under the Finance and Audit Reform Act because it was never approved by parliament.
Belize Bank appealed the case, but on Friday, the Court of Appeals upheld Justice Hafiz’s ruling, agreeing that the Government of Belize was not responsible for repaying the $33.5 million loan, because it was an illegal transaction.