What’s government going to do about the 38.5 million dollars in damages that a London Court says it owes Telemedia? Fight back and that’s started on GOB’s home turf. In March, the London Court of International Arbitration awarded damages of $38.5 million against the Government of Belize, and our sources say the telecom giant has taken steps to initiate enforcement in Belize.
Well today the government announced that it has gotten The Supreme Court to restrain Telemedia from enforcing the order in Belize. Acting Chief Justice Samuel Awich has granted an interim injunction against Telemedia and its subsidiary Belize Social Development Limited restraining them from enforcing the award.
As you may recall Belize Social Development is the company announced last week which intends to distribute the majority of the award to charitable causes in Belize. According to a government release, it also restricts both companies from starting or resuming any legal or arbitral proceedings related to the $38.5 million award.
The government’s position to the court is that enforcement of the award would amount to a violation of the constitution and laws of Belize. We were unable to reach Telemedia’s Executive Chairman Dean Boyce for comment. It buys some time and space for government, but this is by no means a victory to be savored as BTL is expected to launch a counter-manoeuvre and quickly.
