Belizean Court Sinks Belize Bank's $37M Arbitration Appeal

By Jimmy Hoover (March 27, 2017, 2:57 PM EDT) -- A Belizean appeals court on Friday rejected Belize Bank Ltd.'s bid to collect a $37 million arbitration award against the country stemming from unpaid government debt, agreeing with a trial judge that granting the request would harm public policy given the unusual circumstances under which the guarantees were made.

In a decision handed down Friday, a divided panel of the Court of Appeal of Belize affirmed a decision denying a petition from the country's largest commercial bank, which is owned by wealthy British political figure Lord Michael Ashcroft, seeking to enforce an award from a London arbitration panel. The award stems...

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