Between yesterday and today, persisting reservations about the proposed BTL acquisition of Speednet has come from two key places: yesterday, the Social Security Board of Directors - resisting pressure from the government- again did not take a position supporting the acquisition but voted to "continue its process of due diligence."
And, this afternoon, the Chamber of Commerce weighed in again - with their third release saying they don't like the deal as that's currently on the table.
A press release says following consultations with BTL on January 28th, its fundamental concerns remain unaddressed. These include whether the transaction complies with the Telecommunications Act, which prohibits agreements that significantly lessen competition, the valuation methodology, which was not subjected to independent scrutiny, the use and impact of public funds and the impact on consumers and businesses that have diverse needs. BCCI is also concerned with transparency as it relates to political interference.
To address these, BCCI is now calling for complete transparency and full disclosure of the transaction, an independent valuation by a firm with no ties to Belize or a stake in the outcome, extensive, meaningful public consultation and enactment of consumer-focused competition and merger control laws before any consolidation proceeds.
