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GOB and Fortis Inc. reach settlement for BEL

By on August 31, 2015
Barry Perry and Prime Minister Dean Barrow

Barry Perry and Prime Minister Dean Barrow

Belize City, Belize. Monday, August 31, 2015. The government of Belize today announced it has reached settlement with the multi-national company Fortis Incorporated for compensation for the take over of Belize Electricity Limited.

At a mid-afternoon press conference in Belize City, Prime Minister Dean Barrow explained that the settlement is for BZ$70 million , plus a thirty three point three percent stake in BEL for Fortis Incorporated.

Under the settlement agreement, Fortis Incorporated gets the right to appoint three members to the Board of Directors of BEL.

Belize Electricity Limited employees

Belize Electricity Limited employees

During the question and answer period it was revealed that two of those new Directors will be former CEO of Belize Electricity Limited Lyn Young and former president of the Belize Chamber of Commerce and Industry Kay Menzies.

The settlement agreement, in the form of a Bill, will be taken to parliament this week with a House of Representatives meeting scheduled for Wednesday, followed by a Senate meeting on Friday.

Prime Minister Barrow expects that if all goes as planned, the Bill that will be taken through all its stages at Wednesday’s sitting of the House of Representatives, should be signed into law by the Governor General by Monday of next week so that Fortis Incorporated could be paid its BZ$70 million within a week’s time.

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