Independent senators join Chamber and unions in challenging BTL’s Speednet purchase

By Breaking Belize News Staff (HP): The four independent members of the Senate have issued a joint statement challenging Belize Telemedia Limited’s proposed acquisition of Speednet Communications Limited, adding their collective voice to a widening front of opposition on the same day BTL’s Board of Directors approved advancing the purchase.

In the statement dated Tuesday, August 4, and signed by Senators Kevin Herrera, Louis Wade, Glenfield Dennison and Janelle Chanona, the senators said they remain aligned with the positions adopted by the Belize Chamber of Commerce and Industry, the National Trade Union Congress of Belize and the Opposition, “that there has been no substantive information provided to address concerns raised of the legality, competition and valuation independence in relation to this proposed acquisition.”

The senators maintained that “any decision to take decisive steps to turn the telecommunications landscape into a monopoly is regressive and we believe, is contrary to Section 42(4) of the Belize Telecommunications Act.” They further asserted that a legally mandated process exists for all proposed mergers and acquisitions in the telecommunications sector, especially any that may significantly lessen competition, and called on the Public Utilities Commission to address concerns regarding the change of shareholding.

The statement’s most pointed passage invoked a principle of law without specifying particulars: “In business and fiduciary law, the sale of an asset executed on a questionable timeline and solely to evade a conflict of interest or legal claim may bring the validity of the sale into question.”

Citing their oath to uphold the Constitution and the principles of social justice, the senators pledged to “continue to be a unified block in calling for full transparency, the protection of public interests and in challenging any decisions that runs afoul of the spirit and letter of the laws of Belize.”

The statement landed hours after BTL’s board approved the purchase of 100 percent of Speednet’s share capital, subject to continued due diligence, in a transaction the company values at $80 million with a projected 4.2 year payback. BTL maintains the deal requires no borrowing and no additional Social Security Board investment, and says it remains committed to engagement with government, the PUC and stakeholders.

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