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Canada’s Fortis says government of Belize expropriates ownership of utility

Thursday, June 23, 2011


Canadian gas and electricity utility Fortis says the government of Belize has expropriated its controlling stake in the country's main electrical distributor. Fortis had owned 70 per cent of Belize Electricity, which provides power to consumers and businesses in the tiny country.

The company and the government had been involved in a dispute over a 2008 planned rate increase in the country. The expropriated company represents less than 2 per cent of Fortis' total assets of more than $13 billion.

Original source: Canadian Business