Twenty-two months ago, in August 2009, the Barrow administration nationalized Belize Telemedia Limited (BTL), wresting control of over 90% shareholding from companies in the Michael Ashcroft group, and promising to pay compensation, in a move which the Barrow administration contended was necessary to put an end to a tangled web of litigation involving the Government and the Ashcroft group.
Before the government could nationalize the company, however, the former owners of BTL detached Great Belize Productions, owner of Channel 5, from BTL, through a layered ownership scheme involving other affiliated companies.
BTL is now in the process of suing the former owners for $10 million for detaching Channel 5 and taking along with it the building on Coney Drive that had reportedly been purchased through BTL.
Listed as defendants in the claim (#145 of 2011) are former BTL chairman Keith Arnold, Philip Zuniga (attorney and former director), Shire Holdings Limited, Rocky Reef Ventures Limited, Ibis Investments Limited, Scarlet Ventures Limited, Seascape Limited, Channel Overseas Investment Limited, Thames Ventures Limited, Great Belize Productions and Katalyst Development Limited (the company through which Great Belize Productions was acquired by BTL).
Attorney Michael Young, who has been pursuing the case for BTL, told Amandala today that they are seeking an injunction to stop the defendants from removing any of the properties from their ownership before the court case is concluded.
In related news, Financial Secretary Joseph Waight has filed an application to the Supreme Court to have the question of compensation for the BTL shares litigated in court.
Case management meetings with the court are scheduled at the end of this month (May), after which hearings would be set to settle the compensation question.