As we’ve been reporting, the Central Bank gave the Belize Bank until the end of business today to comply with its directive to refund US$10 million in Venezuelan grant money to the Government of Belize. But today the Belize Bank sent a British Queen’s Counsel Nigel Pleming to the Supreme Court to ask it to stay that directive. Justice John Muria advised him however that the Belize Bank would have to first exhaust its options at the Central Bank Appeals Board. And until that is done – the court has instructed the Central Bank not to take any steps to enforce the directive.
Though possibly foretold, that’s some measure of relief for Belize Bank President Phil Johnson who faced the prospect of criminal charges if his bank had failed to comply as directed.
