Please click here to view the operative terms of The Hayward Charitable Belize Trust.
Additionally, the Trust intends to support cultural and social development projects and other worthy causes in the Caribbean region.
The Trust has net assets worth in excess of BZ$300 million (US$150 million) from its investment in the largest telecommunications operator in Belize, Belize Telemedia Limited. The Trust also owns approximately two-thirds of Belize Social Development Limited, a company based in the British Virgin Islands, and which holds the assigned value of a BZ$38.5m award by the London Court of International Arbitration in favour of Belize Telemedia Limited.
The Government of Belize nationalized Telemedia in August 2009. A claim is being made against the Government of Belize in order to secure a fair market value for the Trust's investments in Belize Telemedia Limited, represented by approximately two-thirds of the company’s shares. When any compensation is received and made available to the Trust, such compensation will be re-invested in a range of secure investments designed to generate funds for the Trust over the long term.
The Trust’s target is the annual distribution to beneficiaries of BZ$20-25 million (US$10-12 million). Distributions will commence from the date that the Government of Belize reimburses the relevant shareholding companies for the loss of its Belize Telemedia Limited shareholding. The Government has made public its desire to conclude matters swiftly, and this is confidently expected to be in January 2010. Please review the ‘News and information’ section for periodic progress reports.
Applications for funding of long-term projects are invited now. These will be evaluated, decisions made and recipients notified. Grants themselves will be pending receipt of appropriate compensation from the Government of Belize. (See ‘How to apply’).