Guardian Newspaper Claims BTL buyout of Smart already completed

Just before five o’clock this evening, the UDP’s Guardian Newspaper reported that Belize Telemedia Limited has completed the acquisition of Speednet/SMART, along with two cable companies reportedly linked to the Prime Minister’s family and the brother of one of BTL’s executives.  It is quite a brave publication, especially considering that the evidence of such a transaction has been limited.  What is even more interesting is the cluelessness of some Cabinet ministers as it relates directly to the reports of an acquisition.  In an interview yesterday with Minister Francis Fonseca, he too, indicated that the matter of a buy over has not reached Cabinet level.

Francis Fonseca, Minister of Foreign Affairs: “Yeah, certainly that issue has not been brought up to cabinet. So I would not know anything about that. You know, it certainly has not been discussed in cabinet to date. I really can’t comment because I don’t know. I don’t know if you’re saying that’s the fact. I don’t know that to be a fact. I would think that the board would be consulted and that the board would be apprised of the developments if in fact those developments are taking place. So I wouldn’t be able to comment beyond that. I can speak as I said in terms of cabinet, we certainly have not been any information on this issue has not been shared with us.” 

The Guardian’s report also indicates that the alleged transaction is valued at more than 150 million dollars.  As of this evening, no official statement has been issued by Belize Telemedia Limited or the Government confirming or denying the reports of an imminent acquisition.  The situation continues to generate significant public interest, particularly in light of earlier calls from civil society and business groups for transparency and legislative safeguards in any major consolidation within the telecommunications sector.