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Waterloo Investment Holdings Limited – Market Announcement
Tortola, British Virgin Islands – 13 June, 2013 – In a filing to the Bermuda Stock Exchange (“BSX”), Waterloo Investment Holdings Limited (the "Company" or “WIHL”; Ticker: WIHL.BH) announced that the Government of Belize had unilaterally assumed control of the Belize International Business Companies Registry and the International Merchant Marine Registry of Belize (IMMARBE). The filing states:
“Waterloo Investment Holdings Limited (Bermuda - WIHLTT) announces its disappointment and outrage at the Government of Belize’s unilateral decision, announced in a press release issued on June 10, 2013, to assume control of the International Business Companies Registry and the International Merchant Marine Registry of Belize (IMMARBE) with effect from 11th June 2013.
WIHL holds a 50% investment in Belize International Services Limited (“BISL”), the company that had been granted the right to operate and manage the two Registries on behalf of the Government of Belize until 2020. The other 50% of BISL is owned by the Panamanian law firm, Morgan & Morgan.
As a result of this action by the Government of Belize, WIHL will not be able to include its share of the income of BISL in its fiscal 2014 income statement, which in fiscal 2013 amounted to $2.5 million.
The WIHL Board considers the Government of Belize’s decision to disregard the sanctity of BISL’s contract to be the latest in a clear and expanding pattern of the Government’s rejection of private investment in Belize and clearly sends the unmistakable signal that no investment, whether local or foreign, is safe in Belize.
BISL intends to vigorously defend its contractual rights and pursue its claim in damages to the highest level of the legal system in Belize and will exercise all options available to it to vindicate its rights.
For further information contact:
Waterloo Investment Holdings Limited
UK +44 (0)20 7248 6700
Note: This and other press releases are available at the Company’s web site: http://www.WIHL.com
Bermuda Listing Sponsor:
Appleby Securities (Bermuda) Limited
Attn: Mr. Sherman Taylor Tel: (441) 298-3582