Belize compensates former owner of BTL for 2009 nationalization
Belize's government has reportedly paid US$78mn to British politician and businessman Lord Michael Ashcroft as a settlement fee for the nationalization of phone carrier Belize Telemedia Ltd (BTL).
In a controversial move in 2009 Belize's congress approved a proposal by Prime Minister Dean Barrow to take a 94% stake in the leading phone carrier.
At the time Barrow, prime minister since 2008 and now in his third term, said the move was a necessary evil to improve the poor state of telecommunications in the country, which had stagnated due to a BTL monopoly.
The Belize government deposited US$78mn with Dunkeld International Investments and the B.T.L. Employees' Trust on November 10, bringing years of litigation to an end, according to the news site BreakingBelizeNews.
Financial secretary Joseph Waight reportedly said the figure represents 20-25% of the country's foreign reserves, which will take some two years to recover, but that no negative impact was expected.
Another litigation regarding BTL is still pending – a claim over US$15mn to repay the Social Security Board for its investment in Sunshine Holdings Limited to buy BTL shares.
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