PORT OF SPAIN, Trinidad (CMC) — The Trinidad-based Caribbean Court of Justice (CCJ) Wednesday ordered the Belize Government to pay more than US$62 million by November 10 to two companies following a settlement agreement dating back to 2015.

The CCJ, which is the country’s highest court, said that the Dean Barrow Government would have to pay Dunkeld International Investment Ltd and the Belize Telemedia Employees Trust US$62.8 million and BZ$245,155 respectively.

The monies due to the Belize Telemedia Employees Trust were determined to be US$15.3 million and BZ$10.3 million, and the CCJ ruled that the November 10 deadline was sufficient time for the Government to make the payment.

The matter arose from a settlement agreement made between the parties and, by consent, made an order of the CCJ in 2015.

The agreement provided for calculating payment of compensation arising from the nationalisation of Belize Telemedia Ltd (BTL) and associated companies. A dispute arose as to the calculation of the amounts of US dollars and Belize dollars that should be remitted to the claimants, though they were to hold the funds provided in Belize dollars on trust to fund projects for the benefit of the Belize population.

The parties returned to the CCJ to settle the issue.

Earlier, in 2005, an agreement had been made by the former Government conferring tax-free guaranteed returns on a group of investors who acquired, among other investments, shares in BTL.

But the Barrow-led United Democratic Party (UDP) considered that agreement to be invalid and refused to honour it. The Government later acquired the company.

The decision resulted in Dunkeld seeking compensation in arbitration proceedings under an international investment treaty, while the trust took legal proceedings up to the CCJ as to the invalidity of the nationalisation statutes. Dunkeld was later joined as a party to those proceedings to enable all parties to be bound by the terms of the settlement agreement embodied in an Order of the CCJ made by consent of all parties.

The final payments to be made under the Settlement to Dunkeld and the Trust on 28 June 2017 turned upon a determination of the “Dunkeld Liabilities” and the “Trust Liabilities” incurred in connection with the compulsory acquisition of BTL.

The CCJ in its consent order had granted liberty to apply to the Court if issues arose as to enforcement of the terms of the settlement.

To determine the final payment, Dunkeld and the Trust unilaterally pushed ahead to appoint a reputable independent auditor to determine their respective actual liabilities as of June. 28, 2017, without seeing if all parties could agree on one auditor or have one appointed by the court if there was no agreement.

The Belize Government made it clear in March 2017 that it would not accept liabilities other than as agreed by itself. The claimants, however, waited until after the due date before applying to the CCJ.

The CCJ held that no interest should be payable from June 28, 2017 until 10 November 2017 but the amounts due should be determined on the basis of the independent auditor’s certification of Dunkeld and Trust Liabilities as of June 28, 2017.

The CCJ said it was holding the Belize Government to tough terms if the payments are not remitted by November 10, 2017.

“If full payment is not made by then, interest of 8.34 per cent compounded quarterly under the arbitration tribunal’s award will be applied to the remaining amount. Moreover, interest on unpaid interest will also be payable at the rate of 6% compounded monthly under the terms of the Settlement,” the CCJ ruled.

No order was made as to costs.