On 14 June 2011, the government of Belize nationalized the ownership interest of Fortis Inc. in Belize Electricity Ltd. The utility encountered serious financial problems after the country's Public Utilities Commission (PUC) in 2008 "disallowed the recovery of previously incurred fuel and purchased power costs in customer rates and set customer rates at a level that does not allow BEL to earn a fair and reasonable return", Fortis said in a June 2011 statement. BEL appealed this judgement to the Court of Appeal; however, a hearing was not expected until 2012. In May 2011, the Supreme Court of Belize granted BEL's application to prevent the PUC from taking any enforcement actions pending the appeal. The Belize Chamber of Commerce and Industry issued a statement saying the government had acted in haste and expressed concern over the message it sent to investors.