Belize govt agrees final settlement for BTL shares

The final financial judgment relating to the 2009 re-nationalisation of incumbent telecoms operator Belize Telemedia Ltd (BTL) was handed down last week, with the current administration ordered to pay BZD458.4 million (USD223.2 million) for the telco by the Permanent Council on Arbitration. The government will pay BZD256 million for around 45.2 million shares held by British politician Lord Michael Ashcroft and his affiliates, in a deal which values the shares at around BZD5.65 each; Ashcroft had previously demanded BZD10 per share. In addition, the Belizean authorities must pay BZD198 million in accumulated interest and BZD4.4 million in arbitration costs. The first payment is reportedly due by 12 July.