Minister Henry Charles Usher Reflects on Cabinet’s Rejection of BTL–Smart Deal

In the wake of Cabinet’s decision to reject the proposed acquisition of Speednet Communications Limited by Belize Telemedia Limited, PUP Party Whip Henry Charles Usher reflected on both the debate surrounding the proposal and his own position on the controversial transaction. Speaking today, Usher reflected on the intense public debate that preceded Cabinet’s decision and explained how he personally viewed the proposed acquisition. He noted that while there were arguments being advanced about the potential benefits of consolidation, Cabinet members also had to consider the wider concerns being expressed by Belizeans.

Henry Charles Usher, Minister of Public Service: “Yesterday Cabinet made an informed decision. It’s a decision that came out of many months of consultations, both individually and collectively as a Cabinet. It’s a decision that I support. From the very beginning I had my reservations about the acquisition because I was informed by the ultimate beneficial owners of BTL, the people of Belize. They were the ones that raised a lot of questions and in discussions with them and discussions with different stakeholders these reservations came to the fore. And in addition to that there was a lot of issues when it comes to legislative and regulatory areas that maybe needed more clarification. So it was something that we had a lot of discussions on. I’m glad that cabinet was able to get the presentations that it did this week from BTL, from the PUC, and from the Social Security Board. We were looking forward to hearing from the Chamber and from the NTUCB. But in the end, we couldn’t work out the details and we were able to come to a consensus yesterday and on the way forward. So yes, Cabinet has already said that they are not supporting the acquisition. As to your question, of course, it is something that will now inform both the PUC and the Board of BTL when it comes to this particular proposal.” 

Usher also spoke on the first round of negotiations where limited information was given on the idea of the acquisition.  Acccording to the PUP Chair, immediate gratification will not always be possible, a concept that he says has to be kept in mind, especially by the media.

Henry Charles Usher, Minister of Public Service: “Well I think sometimes you have to give the fiduciary persons on boards the opportunity to get the information, be able to be informed and you know you have to allow that process to be done and I think that sometimes the media, Channel 7 is one of the media houses that whenever they get information they want answers right away and I think sometimes you have to allow the process to go through before that answer is given. An informed decision is the better decision.”

With Government controlling a significant shareholding in BTL, Cabinet’s decision not to support the acquisition effectively closes the door on the proposed BTL-Smart deal.