Innovative Communications to appeal adverse Belize ruling
Thursday, August 18, 2005
WEST PALM BEACH, USA: In response to
Monday's decision by the U.S. District Court in Miami regarding the government
of Belize’s claimed illegal seizure and expropriation of US$57 million in
assets of Innovative Communication Corporation LLC, the company said Tuesday
that while it respects the court’s decision it does not believe it reached the
central issue in the dispute: how the Belizean government allegedly defrauded
Innovative into making a substantial investment in Belize Telecommunications
Ltd. with the promise it would create an environment in which it could operate
profitably. “We believe that there is a basis
for immediate reconsideration or appeal to the 11th Circuit, which we intend
to do expeditiously,” said Jeffrey J. Prosser, Innovative’s chairman,
president and CEO. “We intend to do everything we can do to protect our
investment, including continuing litigation and arbitration already filed of
our claim of more than US$200 million in damages for the government’s breach
of its written, contractual promises that caused Innovative to acquire BTL and
make these investments.”
He cited specific facts that were not
litigated in the Miami court but reportedly will be during the binding
arbitration in Canada. “This should send a
chill down the spine of any potential investor interested in Belize,” said
Prosser. "This clearly sends a wrong message for any country in the Caribbean
basin seeking investment for development. Stability in the economic and legal
system as well as the rule of law is primary when considering any such
endeavor.” “We looked at Belize as being a
progressive country with a stable government and a promising future,” Prosser
added. “We believed it had an honest legal system and that any potential
investor could bank on commitments made by a head of state. We are devastated
by the reality that none of these assumptions are true and we were misled
every step of the way.” Innovative
Communication Corporation is a privately-held telecom and media company with
management offices in West Palm Beach, Florida and headquartered in St. Croix,
U.S. Virgin Islands. The company has extensive operations in the U.S. and
British Virgin Islands, Sint Maarten, Saint-Martin, Guadeloupe, Martinique and
France, and until recently, Belize.
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