And while the Union weighs its options and waits for answers to key questions from government, it continues to press its case in the Supreme Court. As we've reported, the union has asked the Supreme Court to determine if Ashcroft or any private company can own more than 25% of BTL. The hearing on an interim injunction barring the transfer of shares to Ashcroft was to have been held today but BTL's Attorney Michael Young asked that it be adjourned until Monday June 27th.
In Young's written request for an adjournment he gave the undertaking that in the interim, "no transfer of shares to enable(an) entity to hold more than 25% of the shares of BTL will be authorized." That means that for the time being, the transfer of shares to Ashcroft's E-com is stalled.
The final determination of that hearing in the Supreme Court will determine whether it can go through any at all. In this regard, we understand that the Solicitor General, on behalf of the Government of Belize, has joined itself to the action to argue, we presume on Ashcroft's behalf, that it owns the shares and can sell it to whom it likes, notwithstanding the pronouncement of the company's Articles of Association. Again, it's an indication of how far the government will go to defend this transaction with Michael Ashcroft and his companies.
It's a trend going back 15 years that PUP Albert Area Representative Mark Espat characterized as a "conspiracy against the people's interest" at Friday's House sitting.
[Friday June 17th, 2005]
Mark Espat, PUP Albert Area Rep.
"Throughout this conspiracy to control and suck dry BTL and its Belizean
consumers, it would appear that this government has been an all too willing accomplice. As it has appeared to the Belizean people, the relationship between the conspirator and his accomplice is a "Master?Puppet" relationship.
Did you know Madam Speaker that this Carlisle is a company with revenues of US $1.38 billion, it has full and part time employees numbering 37,000 in the US, UK and Ireland. Its operating income for the year ending March 31, 2005 was US$33.6 million; but listen to this: US$30.9 million of that amount, 92% of it, came from its Financial Services Division - that is the Belize Bank and its various affiliates. 92% of the operating income of this touted multinational corporation comes from Belize. No wonder their lawyers can boast of being "well paid."
But the more salient point here is that Mr. Carlisle needs Belize and not the other way around. So then, is the absurdity of this Master?Puppet relationship not clear?"
Madam Speaker, how could any Representative of the people of Belize support this resolution, one that so nakedly betrays the national interest and the interests of the Belizean consumers, betrays the Belizean management and staff of BTL and their families, betrays the remaining Belizean small shareholders and betrays potential Belizean shareholders?"
