PM Briceño Addresses Waterloo’s Call for International Arbitration
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- March 1, 2023
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And on the other hand, Waterloo Investment Holdings Limited continues to persist in its case against the Government of Belize. Waterloo has written to the Briceno Administration about going to international arbitration for the alleged breach of the UK-Belize-BIT Agreement. This was triggered by the Environmental Appraisal Committee’s rejection of the Port of Belize project’s EIA. Waterloo is claiming that Belize violated its obligations under the treaty by denying some of the British investors of their rights under this agreement. The Chairman, Michael Ashcroft wrote to Prime Minister John Briceño on January 19 a 14-page, 6,444-word letter saying that (quote) “As such, this dispute may now be submitted to international arbitration under Article 8 of the UK-Belize BIT” Unquote. He also adds that they are prepared to discuss an amicable settlement. Prime Minister Briceño says it is their right to follow through with the measures they see fit.
Hon. John Briceño, Prime Minister of Belize: “Well it’s not that they could ask for international arbitration I mean as it is – they wrote a letter that they want to how do you call it they want to apply to the Belize British Investment Treaty that we signed and again that’s their right if they want to do that. We know that we’re trying to do everything properly, we’re trying to follow the law and that’s what I’ve said to Waterloo, I’ve said to Stake Bank and I’ve said it to Port Magical, to all of them. Once you follow the law you’ll have a government that is going to be supportive.”