The Supreme court says the $33.5 million dollar loan agreement with the Belize Bank is unlawful. The decision is the latest in this long running scandal. The loan made in 2007 under the last administration has been under fire for years. The ruling judge called the agreement bogus because no such agreement can be made without a resolution coming from the National Assembly.
“In a 70-page judgment, Madam Justice Minnet Hafiz declared that the Loan Note is unlawful as it contravened section 7(1) and (2) of the Finance and Audit (Reform) Act, 2005, which requires a resolution of the National Assembly before the Government could enter into any loan agreement of or above the equivalent of ten million Belize dollars. No such resolution had been obtained.”
via Government of Belize.
