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International Arbitration Forum

Waterloo Investment Holdings Limited v. Government of Belize

Case summary

At a glance

Parties
Waterloo Investment Holdings Limited v. Government of Belize
Treaty
UK–Belize Bilateral Investment Treaty (invoked in the letter)
Sector
Ports; port operation
Outcome
The only published document is a pre-dispute letter from the investor to the Prime Minister of Belize. It does not show how the dispute ended.
Amount
The letter estimates the claim at more than USD 85 million, plus interest from the date of nationalisation.

The dispute

Waterloo Investment Holdings Limited (WIHL) is a company listed on the Bermuda Stock Exchange. It owns British Caribbean Bank Limited and Private Investment Limited, which the letter describes as the primary debt holders and creditors in the receivership of Port of Belize Limited, the licensed port operator and owner of the Port of Belize assets. On 30 July 2020 WIHL wrote to Prime Minister Dean Barrow. The letter responded to comments the Prime Minister made at a government press conference on 29 July 2020 about possibly nationalising the Port. WIHL warned that nationalisation would give rise to a claim under the UK–Belize Bilateral Investment Treaty. It proposed that the parties negotiate an orderly transfer of the Port or agree to arbitrate the claim under the Treaty. The published documents contain no response from Belize, no pleadings and no decision.

Key holdings

  1. No decision has been published. The letter states WIHL's position: nationalising the Port of Belize would give rise to a claim under the UK–Belize BIT, which WIHL estimated at more than USD 85 million plus interest. WIHL proposed that the parties agree to arbitrate under the Treaty, with each side appointing its own expert. p. 1
  2. The letter argues that any nationalisation must be for a public purpose and not for political purposes. It relies on the fair and equitable treatment and rule-of-law requirements that it says the BISL judgment highlighted. It also refers to Belize's earlier nationalisation of Belize Telemedia Limited, for which the letter says compensation exceeded BZ$580 million. pp. 1–2
  3. The letter says nationalisation would end the planned USD 200 million Port Loyola expansion project. It also complains that the Ministry of Labour failed to stop an illegal stevedores' strike, contrary to the Essential Services Act. p. 2

Procedural history

  1. 29 July 2020At a government press conference, the Prime Minister of Belize comments on the possible nationalisation of the Port of Belize.
  2. 30 July 2020WIHL writes to the Prime Minister. It warns of a claim under the UK–Belize BIT and proposes negotiation or agreed arbitration under the Treaty. The letter is copied to Patrick Faber and John Briceno, the leaders of the UDP and the PUP.

Keywords

Summary generated with AI from the published documents — refer to the award for the authoritative text.

Country
Treaty
Mexico - Netherlands BIT (1998)