ANNOUNCEMENT 25 Aug 2009

In August 2009, the government of Belize announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 1 neutral
  • 0 liberalising
Inception date: No inception date

FDI: Treatment and operations, nes

On August 25, 2009, the government of Belize introduced an amendment to the Belize Telecommunications Act No 16 of 2002 (the Belize Telecommunications Amendment Act 2009 No 9 of 2009) requiring the acquisition of 94 per cent of the shares of the telephone company Belize Telemedia Limited from the Ashcroft Group, owned by the British national Lord Ashcroft (while domestic-owned shares were not affected).
This state decision was then rejected by Belize's Court of Appeal on June 24, 2011 (Civil Appeals No 30 of 2010 & 31of 2010). The government of Belize made a second bid at nationalisation in July 2011 (Belize Telecommunications Amendment Act 2011 No 8 of 2011) and changed the Constitution (Belize Constitution Ninth Amendment Act 2011) to avoid censure again by the justices. However, the Supreme Court overturned the decision on June 11, 2012 (Claims 597 of 2011 and 646 of 2011). The situation remains unclear.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A