Posted: June 29, 2016. 10:22 a.m. CST.
By BBN Staff: Prime Minister Dean Barrow will be holding a press conference in Belize City this afternoon to brief the country of the decision from an Arbitration Panel regarding the final
Prime Minister Dean Barrow
compensation figures for the nationalization of Belize Telemedia Limited (BTL).
The judgment, however, has been leaked to the media already and the figures are staggering. In total, the government of Belize will pay more than half a billion dollars for BTL.
The total cost of BTL amounts to $550,564,112.90. GOB, however, had intially agreed to a $162 million payout to Lord Michael Ashcroft as partial payment for the compensation. Since then GOB had paid $65 million.
The Arbitration Panel estimated the 45,199,961 shares to be worth BZ $5.65 per share, which was midway between the $10 per share the Ashcroft Alliance estimated and the 50 cents per share GOB claimed.
According to the leaked document, GOB now owes a balance of $389,688,072.38.
And as Barrow has claimed this as a victory in the past, it certainly has not come cheap. He will explain the details of the settlement at his press conference later and BBN will have a full report after the conference.
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