And swelling the chorus of disapproval this afternoon were the social sector partners, including the Belize Chamber of Commerce.
They issued a joint statement comprehensively criticizing the Speednet acquisition.
First off, they are calling for an "immediate halt" to the proposed acquisition and lament, quote, "Despite repeated calls for transparency and regulatory scrutiny, fundamental questions concerning legality, competition, governance, valuation, conflicts of interest, and the protection of the public interest remain unanswered."
First, they refer to the Telecommunications Act, which forbids telecommunications companies from making deals that aim to eliminate competition.
Then they demand that BTL, quote, "publish a public justification for the proposed acquisition, including the commercial rationale, due diligence undertaken, the five most recent years of audited financial statements for Speednet Communications Ltd." end quote.
They also demand that, quote, "the Office of the Prime Minister and Cabinet publicly state the Government's position on the proposed acquisition, the public-interest considerations supporting that position, and the measures taken to identify and manage any actual or perceived conflicts of interest."
And they call on the PUC to, quote, "publish its assessment of the likely impact of the proposed acquisition on competition and consumers."
In closing "and this is the key part "they say, quote, "The Social Partners are prepared to pursue all lawful regulatory, parliamentary, administrative, and legal remedies available, including peaceful demonstrations and, where appropriate, seeking injunctive relief as permitted under the Telecommunications Act and any other relief available at law to ensure public interest drives decision-making." End quote.
