On March 18, 2009, Belize Telemedia won a judgment in the London Court of International Arbitration against the Government of, by and for the people of Belize. The Government of, by and for the people of Belize was ordered to pay damages and costs to Telemedia constituting a debt in aggregate of BZ$38,527,083.87 (plus hearing expenses) owed by the Government of, by and for the people of Belize to Telemedia (the “Debt”).
The Government of, by and for the people of Belize has also been ordered to pay interest on the Debt from February 27, 2009, up until the date upon which Telemedia receives payment in full, at varying interest rates; although the bulk of the Debt is to accrue interest at 15% per annum from this date until payment is made. On March 20, 2009, the Board of Telemedia approved the assignment by Telemedia to Belize Social Development Limited (“Belize SDL”) of the benefit of the Debt (and all rights attached thereto) and the payment and distribution by Telemedia, by way of dividend in specie, of the entire issued share capital of Belize SDL, to Telemedia’s shareholders on a pro rata basis (the “dividend”).
Belizeans, what Belize Telemedia is saying to all of us is simply this: “It’s all about you”— since all of you, the people of Belize, will pay the shareholders of Belize Telemedia millions of dollars through this new legal entity called “Belize SDL,” in accordance with the ruling of the London Court of International Arbitration.
Fortunately, the Government of, by and for the people of Belize, including the shareholders of BTL, will appeal the decision of the London Court of International Arbitration in the courts of Belize.
On another point: Would the Government of, by and for the people of Belize explain to the people of Belize how the proceeds, the incomes from the sales of the Port Loyola NGO group of fourteen years, Port Loyola Housing for the Poor, will get distributed to the people of Port Loyola, as was stated by Minister Boots Martinez in his interview with Jules Vasquez on April 1, 2009?
Also, would the Government of, by and for the people of Belize through the Ministry of Finance inform the people of Belize if the $20m grant from Venezuela will be distributed to the people of Belize in accordance with the Finance and Audit (Reform) Act 2005?
Belizeans, lest we forget, “Men and institutions remain free only when freedom is founded upon respect for moral and spiritual values and upon the rule of law.” (Preamble – Belize Constitution)