Caribbean Investment Holdings Ltd Win in U.S. Judicial Action (7230T)
January 09 2017 - 11:00AM
UK Regulatory
TIDMCIHL
RNS Number : 7230T
Caribbean Investment Holdings Ltd
09 January 2017
This announcement contains inside information
CARIBBEAN INVESTMENT HOLDINGS LIMITED ANNOUNCES WIN IN U.S.
JUDICIAL ACTION
Belize City, Belize, January 9, 2017 -- Caribbean Investment
Holdings Limited (London - AIM: CIHL; Bermuda - CIHL)
Caribbean Investment Holdings Limited (formally known as BCB
Holdings Limited) and The Belize Bank Limited (collectively,
"Caribbean Investment Holdings") have achieved a win in a lengthy
process to achieve judicial recognition in the United States of an
international arbitration award rendered in London, England in
August 2009 against the Government of Belize ("GOB").
Caribbean Investment Holdings commenced proceedings in
Washington, D.C. to enforce the London Court of International
Arbitration ("LCIA") award in July 2014. The U.S. District Court
granted enforcement of the award in favor of Caribbean Investment
Holdings and rejected all of GOB's challenges to the LCIA award in
a decision dated June 24, 2015 and issued a judgment dated July 1,
2015. GOB appealed that decision to the U.S. Court of Appeals for
D. C. Circuit. In a decision dated May 13, 2016, the D.C. Circuit
affirmed the judgment in favor of Caribbean Investment Holdings and
rejected all of GOB's arguments on appeal. GOB then sought review
by the United States Supreme Court. Today, the U.S. Supreme Court
announced that it had denied the Government of Belize's petition
for certiorari, rendering the May 2015 judgment in favor 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 U.S.$ 27.5 million.
For further information contact:
Caribbean Investment Holdings Limited
UK +44 (0)207 248 6700
Belize +501 227 7178
Cenkos Securities plc
Nicholas Wells +44 (0)20 739 8920
Note: This and other press releases are available at the
Company's web site: http://www.cihltd.co.
Background Information
Caribbean Investment Holdings Limited (CIHL) is a parent holding
company with no independent business operations or assets other
than its investments in its subsidiaries, intercompany balances and
holdings of cash and cash equivalents. CIHL's businesses are
conducted through its subsidiaries. The Belize Bank Limited (BBL)
is incorporated and based in Belize and focuses on the provision of
financial services and lending to domestic clients. Belize Bank
International Limited is incorporated and based in Belize and
focuses on the provision of financial services and lending to
international clients. CIHL also owns an international corporate
services business based in Belize, which operates as Belize
Corporate Services Limited. Within Belize, BBL is the largest, full
service commercial and retail banking operation with a head office
in Belize City and eleven branches extended into each of the six
districts of Belize. The principal operations of BBL are commercial
lending, consumer lending, deposit taking and related banking
activities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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