Social Partners Call for BTL-Smart Acquisition to Be Put on Hold

Social partners have renewed their call for the proposed BTL acquisition of Speednet Communications Limited to be placed on hold, not as a rejection of BTL’s efforts to strengthen its position, but to allow outstanding concerns surrounding the transaction to be independently reviewed. Following an emergency meeting on Wednesday, the Belize Chamber of Commerce and Industry, Belize Network of Non-Governmental Organizations, National Evangelical Association of Belize and National Trade Union Congress of Belize issued a joint statement calling for greater disclosure before the proposed acquisition moves forward.  The organizations say they have engaged with the Government, BTL, the Public Utilities Commission and other stakeholders since January. Despite those discussions, they contend that questions concerning competition, valuation, governance, possible conflicts of interest and consumer protection have not been fully addressed.  The social partners are requesting a written opinion from the Attorney General on whether the acquisition is consistent with the Telecommunications Act, particularly the provision prohibiting arrangements, likely to significantly reduce competition.  They are also asking BTL to publish further information on the commercial justification for the purchase, the due diligence undertaken, Speednet’s five most recent audited financial statements and the anticipated impact on consumers, employees, prices, investment and service quality.  The social partners, however, believe an independent regulatory assessment and an opportunity for public comment should come before any final approval. They have indicated that lawful options, including regulatory, parliamentary and legal action, remain available if their concerns are not addressed.