Tonight, despite the strong cautions from the business, religious, media, and civil society sectors, BTL's Chairman seems to be moving full steam ahead with the Speednet acquisition.
BTL's Executive management team held a consultation yesterday with the Chamber of Commerce and the Belize Business Bureau. According to a release - the company is already outlining the terms for a post - acquisition telecoms landscape - with no mention of the regulator, the PUC, which has the sole responsibility of, first, approving any merger, and, second, imposing any terms or conditions for post merger behavior.
Tonight, that PUC, with all Commissioners appointed by the Prime Minister and the chairman, a former long time employee of the Ashcroft Alliance, remains silent - even as BTL publicly pushes for a merger.
And where does the Prime Minister stand? Well, officially, Cabinet has declared no position but, in media interviews, he's made it clear that it's imperative for BTL to snatch up the deal if the company is going to survive.
Today, he said that's not an endorsement. First, though, we asked him to comment on the UDP's BTL demonstration on Tuesday:
John Briceno,Prime Minister
"I've always said we live in a democratic country and anyone that believes they want to protest, it is their constitutional right to do so and all I ask is to do it within the scope of the law. "
Courtney Menzies:
"We have several sectors coming out against the proposed acquisition, NTUCB, NEAB, the other unions as well the independent senators and the opposition, will you still encourage the BTL chairman to go through with this deal?"
John Briceno,Prime Minister
"It's not a matter of me encouraging, as I said we are allowing for the process to proceed, at the end of the day we have also a responsibility not only to BTL but also to Social Security, as was pointed to us presently, Social Security is having a rate of return on the equity, on the money they invested, about 2% and they believe that by consolidating the industry that that would be able to increase it from 9 to 11%. So to ensure that social security and all of us that pay to social security will be able to get back our investment. "
Courtney Menzies:
"But you have publicly endorsed the deal "
John Briceno,Prime Minister
"No I have not publicly endorsed this deal, I have said all along let the process proceed and they came to Cabinet, they spoke to us about two hours and a half, they answered every single question that ministers had and they left to our satisfaction but as a Cabinet we have said let the process continue and then when the members of the BOD of BTL meet then they can make a decision based on, because they do have a responsibility to BTL to do what they believe is in the best interest of BTL and that I think is important. "
Reporter:
"So will they be buying assets and liabilities?"
John Briceno,Prime Minister
"From what we're told, no liabilities, it's simply just the assets, it's cash flow that you buy not in that kind of business. I don't want to continue in a discussion with you all, I've said what I think I could say because whatever I say you try to misinterpret it. We are allowing the process to continue and at the end of the day I believe that social security and the board members are going to do their fiduciary responsibility to social security for those that represent and the board of directors to BTL."
