Belmopan, Belize 24 August (Belizean.com) The United Democratic Party government is today taking the unprecedented step of expropriating one of Belize's largest companies – Belize Telemedia Ltd. – the largest telephone and communications business in Belize. The company is controlled by Belize-British investor Lord Michael Ashcroft. The announcement was made this morning by Prime Minister Dean Barrow at a special sitting of the House of Representatives.

The bill to take over Belize Telemedia Ltd, "in the national interest" will be rushed through the required three readings in one day, taken to a special sitting of the Senate tomorrow, and if possible signed into law by the government nominated Governor of Belize the same day.

The Prime Minister in making his announcement stated that no prior notice of the action was given so as to give as little time as possible for B.T.L to take any action to attempt to block the takeover.

The U.D.P. government has been at odds with B.T.L. for some time now.

Today's move follows a ruling last week by the London Court of Arbitration which awarded the Belize Bank Ltd. $44 million dollars. The action was taken by the Belize Bank – part of the Ashcroft group of companies – against the government of Belize.

The London Court of International Arbitration found that Government had violated a 2006 agreement in respect of how business and income tax should be assessed for the Belize Bank.