CCJ delivers reserved judgment in BCB Ltd, Belize Bank v. the AG of Belize
The Caribbean Court of Justice (CCJ) today declined to enforce an arbitral Award made by The London Court of International Arbitration (“the Tribunal”). The Award had ordered the State of Belize to pay to two Belizean Companies damages and costs totaling approximately US $44M with interest at 3.38% compounded annually. The Award arose out of an agreement between the Government and the Companies that was recorded in a Deed executed by representatives of the Companies on the one hand and the Prime Minister (as Minister of Finance) and the Attorney General of Belize on the other. The Companies were seeking to have the Award enforced in Belize under the 1980 Arbitration Act.
Access full Media Release here – CCJ MEDIA RELEASE 05-2013