1 week ago
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Prime Minister John Briceño says it is time for the Public Utilities Commission (PUC) to step in and provide clarity after Belize Telemedia Limited (BTL) announced a pause on its proposed acquisition of Speednet Communications Limited (SMART). The government says the decision to temporarily halt the transaction should allow regulators to address growing public concern and what officials describe as widespread misinformation surrounding the potential merger. Speaking today, the Prime Minister noted that the debate has increasingly been driven by speculation rather than verified facts, and he believes the PUC must now play a more visible role.
John Briceño, Prime Minister of Belize: “What has been happening is that I think that they put the cart ahead of the horse, that the PUC needs to get involved. The PUC, for instance, when BEL wants to buy an equipment that costs $30 million, for instance, and they want to make some expansions, and they want to increase rates, they have to go to the PUC, and the PUC would then take a hard look at where they’re doing look at the numbers and see if it is correct, if it works or not. And so the same thing applies to telecommunications. And so it is then the, the minister felt that it’s only right now that you put everything on hold. You know, there just been a lot of misinformation from both sides. So he felt that the best thing to do right now is for the PUC to step in and to take a look at what BTL is proposing and then to see if it is something that is in the best interest of the country and then they could make a recommendation as to the way forward.”
Reporter: So the halt is to, so the instruction is essentially for BTL and SpeedNet to halt any discussions they’re having between each other?
John Briceño, Prime Minister of Belize: “Well that discussion has already happened. What is happening now is when them for, and I don’t know all the details, I think probably Minister Chebat would be the best person that could answer. But basically is to be able to for the Public Utilities Commission to put everything on a stop and say, okay guys, we legally should step in. We should have been the first one you should have come to. And for us to be able to take a look at what is it that you’re proposing. So that by itself is what they’re going to do now. Also there is supposed to have been regulations a long time ago. I think SMART went to court to say, to make the case that BTL is a dominant provider and the court case they won in court but the previous government never made any kind of implementations or regulations to ensure that there can be some kind of level playing field between both players. So again because of all that has been happening now the PUC is saying we need to do regulations, we need to relook at the issue of whether BTL is a dominant provider and also to look at if it makes sense what BTL is proposing with a merger.”
It is to be noted that BTL had earlier confirmed it would pause the acquisition process while consultations continue with stakeholders, including the Social Security Board and other shareholders. Government officials say the pause should now create space for technical review and independent regulatory guidance before the next steps are considered.
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