Telemedia Will Give Money from Accommodation Agreement to Charity
Government says it won’t pay Telemedia the $38.5 million in damages awarded by the London Court of International Arbitration – and now the Telecoms company says that by doing that, Government is depriving Belizean charities of funds. In an interesting manoeuvre, Telemedia today announced that it has assigned a subsidiary called Belize Social Development Limited to distribute that $38.5 million award amongst its shareholders.
That means that the Hayward Charitable Trust would get almost three quarters, exactly $26.5 million of that $38.5 million and according to a release from Telemedia would then distribute that, quote “solely to registered charities in Belize.” And to take it one step further and put pressure on government, Hayward is asking all charities to send in their requests for donation to the Trust.
Nothing was publicly known of Hayward - which holds controlling interests in BTL until three months ago when it was announced that the Trust was buying into the Superbond. http://www.7newsbelize.com/sstory.php?nid=13679