Government defends take over of merchant registries

BELMOPAN, Belize, CMC – Prime Minister Dean Barrow is defending the decision of his government to take over the International Business Companies Registry and the International Merchant Marine Registry of Belize even as the Belize International Services Limited (BISL), the private company managing the two companies, has warned of legal action. BISL insists that it has a contract with the government that is valid until 2020, but Prime Minister Barrow told reporters that the agreement is illegal and invalid. The company said it had an agreement with government ever since 1993 and it has been extended several times, but the government is choosing not to recognise the accord for the period 2103-2020.