It was an unforgettable day at the National Assembly: two backbenchers slammed their own government, the Prime Minister fired back at them, and, an angry Leader of the Opposition threw a cup of water to the Assembly floor, and the House sitting was aborted...we'll have all that and more tonight, but we start with the news of the day: the deal is done - Michael Ashcroft is back in charge of BTL and he's offering the employees 20% of the company on his terms.
We've been reporting on it all week but the Prime Minister made it official today with a resolution presented to the National Assembly, as is now required under the revised Finance and Audit Act. Here's the gist of what the Prime Minister had to say in support of that resolution.
Said Musa, Prime Minister of Belize
"We made it known at least two months ago that in the month of June we would have to dispose with the shares owing to certain international debt obligations that would fall due and owing to the fact that the failure to settle the B.T.L. matter lends uncertainty to the investment climate in Belize. We therefore made it known upfront that we could not continue to negotiate ad finitum, we must bring this matter to closure. Madam Speaker, the Government of Belize therefore proposes to dispose of the shares in the following manner: of the 37.5% of the shares, 20% will be transferred to a company that will hold the shares for the BTL workers. If the BTL workers decide that they are interested in acquiring the 20% shareholding, through a loan facility, the shares will be put into the name of a trust entity to hold the shares on their behalf. A further 5% will be made available through over the counter at the Central Bank to the Belizean public at large. The final 12.5% will be sold to E-com. The Belize Bank, a financial institution associated with E-com, will facilitate the financing of the loan facility to the workers of BTL in the event that the workers decide to take up the 20% that will be held in reserve for them.
Madam Speaker I am left in absolute no doubt that when one examines all the circumstances surrounding the BTL, it would be appreciated that reaching a final resolution was an extremely complex andm difficult exercise. Under this intended sale the government will get value for the shares and will be able to meet its international obligations. The workers of BTL will have the opportunity, if they so wish, to own 20% of BTL. Individual Belizeans will be able to purchase a further 5% of the shares and the entities who have stepped forward to advance loans for the workers to acquire shares will therefore be allowed to acquire 12.5% interest in the company.
There can be little legitimate doubt then, Madam Speaker, that our intended sale is in the national interest of Belize."
