Briceño family shareholders deny selling SMART shares to Lord Ashcroft

By Breaking Belize News Staff: Jaime Briceño and Renan Briceño, minority shareholders in Speednet Communications Limited—the company that operates the SMART telecommunications network—have denied claims that they sold their shares to Lord Michael Ashcroft.

Jaime Briceño is the brother of Prime Minister John Briceño, while Renan Briceño is the Prime Minister’s cousin. Jaime reportedly owns 16.73 percent of Speednet, while Renan owns 5.77 percent, giving the Briceño family shareholders a combined 22.5 percent interest in the company. The remaining 77.5 percent is held by the Waterloo Group Charitable Trust, which Ashcroft has said he does not economically own or benefit from.

In a joint statement issued on Tuesday, August 4, Jaime and Renan described the social media allegation that they had sold their shares to Ashcroft as “false and misleading.”

“Neither of us has sold our shares to Lord Michael Ashcroft, directly or indirectly,” they stated, adding that no evidence had been produced to support the claim.

They called on those responsible for circulating the allegation to immediately retract it and issue a public apology and correction. They also warned that they are reserving all legal rights and remedies against anyone who publishes or republishes what they described as defamatory statements.

The ownership of the Briceños’ shares has become politically sensitive because Belize Telemedia Limited, which is controlled by the Government and partly owned by the Social Security Board, has proposed acquiring Speednet for approximately BZ$80 million.

Based on their combined 22.5 percent shareholding, Jaime and Renan’s interests would represent approximately BZ$18 million of the proposed purchase price, although the precise amount ultimately payable would depend on the terms of any completed transaction.

The proposed acquisition has generated strong opposition and public concern because a company controlled by the Government led by Prime Minister Briceño would be purchasing shares partly owned by members of his immediate family.

Critics, including the Belize Chamber of Commerce and Industry, social partners and the Opposition, have raised concerns about a perceived conflict of interest, the use and exposure of public and Social Security funds, the absence of an independently verified valuation, and the possibility that combining BTL and SMART could reduce competition in Belize’s telecommunications market.

The Government ordered a pause in discussions in February to allow greater public consultation and regulatory scrutiny. The proposed acquisition was subsequently submitted to the Public Utilities Commission, which sought public comments and additional information from BTL and Speednet. No final approval of the acquisition has been publicly announced.

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