Government Must Return $2.8 Million to Coye Family

The Government of Belize must return 2.8 million dollars of the more than 3 million which was seized from the Coye family back in 2008.  Melanie Coye was convicted of money laundering in late July of 2012, but appealed in 2014 and won.  The Coyes have been trying to get back their money which was seized by the Financial Intelligence Unit and it has been a long and drawn out process. On Wednesday March 2, 2016, Justice Abel ruled that the Government of Belize must return to the Coyes two point eight million dollars.  When the Coyes were acquitted in the Court of Appeal, the Court ordered that the money that was being held for them should be returned, that was about . $3.2M dollars, but  the Commissioner of Income Tax made an assessment which indicated that  the Coyes  owed exactly that amount in taxes and demanded that the FIU pay it over to Income Tax, which the FIU did.  The Coyes challenged  that decision with the help of their attorney Eamon Courtney  and the Judge agreed that the decision by the Commissioner to assess the Coyes for $3.2M dollars was unlawful and arbitrary. As a part of the judgment he ordered the parties to meet to go over what information the Coyes had to try to determine how much tax if any was payable by them. They came up with $699,000 which was to be deducted from the $3.2M and the interest of $300,000 that has accrued since then, hence the balance of $2.8 Million dollars to be returned. vlcsnap-2016-03-04-11h30m44s959

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