Belize Social Partners Regroup as BTL Pushes Ahead With Smart Deal

Belize’s Social Partners are regrouping to determine their next move as BTL pushes ahead with its proposed eighty-million-dollar acquisition of Speednet Communications Limited.

Representatives of the Belize Chamber of Commerce and Industry, the Belize Network of Non-Governmental Organizations, the National Evangelical Association of Belize and the National Trade Union Congress of Belize met today to discuss the controversial transaction.  Following their meeting, the organizations agreed to begin a comprehensive information-sharing exercise across their respective memberships. The process is intended to ensure that members understand the possible economic, regulatory and public-interest implications of bringing Smart under BTL’s ownership. The Social Partners say the consultations will guide their collective decision on what steps should be taken next. They maintain that the process must be transparent and that any acquisition involving a company largely held through public investments must be subjected to proper scrutiny.  The meeting comes one day after BTL’s Board of Directors gave preliminary approval for the purchase of one hundred percent of Speednet’s issued shares; a decision that remains subject to continued due diligence.  Despite recent assurances, the Social Partners say they remain committed to good governance, economic stability and protecting the public interest.