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NEWS

Belize took over its offshore registries


17/06/2013

Prime Minister Dean Barrow said that it’s not nationalization, it’s a legal and necessary transition.

11 June 2013 Belize government took over control of the Belize International Services Limited (BISL) which manages the International Business Companies Registry (IBCR) and the International Merchant Marine Registry of Belize (IMMARBE).

These registries generate millions of US dollars in revenue annually and they do so not for the country budget, but for a company that’s part of the Ashcroft Alliance, and another called Morgan and Morgan that’s a Panamanian law firm.

Hon. Dean Barrow - Prime Minister of Belize – told to the press:
"This is not a nationalization, this is not in any way in the same category as BTL and BEL. This is the government of Belize determining that the contractually agreement that these people had to run these two registries has come to an end. And that the secrete purported extension signed by Said Musa and Francis Fonseca is of no validity, therefore, the government has moved to assume control on a completely legal basis. The government's course of action is justified for any number of reasons but in particular in consequence of the fact that the European Union by way of the commission decision has served us notice, that unless you get control of the registry and do something to regularize the operations of registry and in particular of the fishing fleet - you will have exports to EU band. This is a date that has been too long postponed, that now they can breathe easy because they know their exports to the European Union has been preserved so we have no apologies to make. In fact we will trumpet this as a positive move on the part of the Government consistent with our well known stance, that we will do whatever it takes to protect the well being of Belize."

www.intax-info.com

Related jurisdictions:
Belize - IBC
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