Caribbean Investment Holdings Limited and The Belize Bank Limited have achieved a win in a lengthy process to achieve judicial recognition in the United States of an international arbitration award rendered in London in August 2009 against the Government of Belize.
Caribbean Investment Holdings commenced proceedings in Washington DC to enforce the London Court of International Arbitration award in July 2014.
The US District Court granted enforcement of the award in favour of Caribbean Investment Holdings and rejected all of GOB’s challenges to the LCIA award in a decision dated 24 June 2015 and issued a judgment dated 1 July 2015.
GOB appealed that decision to the US Court of Appeals for DC Circuit.
In a decision dated 13 May 2016, the DC Circuit affirmed the judgment in favour of Caribbean Investment Holdings and rejected all of GOB’s arguments on appeal.
GOB then sought review by the United States Supreme Court.
The US Supreme Court has now announced that it had denied the Government of Belize’s petition for certiorari, rendering the May 2015 judgment in favour of Caribbean Investment Holdings final and not subject to further judicial review.
This victory clears the way for Caribbean Investment Holdings to collect on the judgment against GOB. That judgment, including interest, is currently worth approximately US$27.5m.
Story provided by StockMarketWire.com