BELMOPAN, Belize, CMC – The main opposition United Democratic Party (UDP) says while it supports growth in technology and investment, this should not be at the expense of transparency as the debate continues here over the move by the Belize Telemedia Limited (BTL) to acquire Speednet – SMART.
BTL says it is offering BDZ$80 million (One Belize dollar = 0.49 cents), with BDZ$10 million paid in cash and the balance in the form of loan notes with a four-year term and an interest rate of 4.5 per cent per annum.
Speednet is a Belizean communications company established in 2003, mainly providing cellular services under the brand name “SMART” and other landline services.
UDP and Opposition Leader, Tracy Panton, outlined her party’s concerns, telling reporters that the positions are non-negotiable.
“Here are the UDP’s non-negotiable demands: public disclosure of the independent assessments and evaluations that have been complied with to justify this deal must be made public.
“There must be full transparency on financing sources and public exposure. Parliamentary consideration and debate must take place before the process can proceed further. There must be binding consumer protection on pricing and service quality. There must be binding worker protections and disclosure of labor impacts. There must be the establishment of clear competition and merger control rules,” she said.
“Let me be clear, the UDP is not anti- technology, not anti-investment. We are, however, firmly opposed to secrecy. We do not accept monopolies without proper consultation and consent,” she said.
The UDP insists that it is not closing the door on a telecom monopoly, but is making it quite clear that its list of non-negotiables must come first before any deal is signed.
On Monday, Panton led a delegation that met with Lord Michael Ashcroft to lay out its position on the proposed sale. Ashcroft’s Waterloo Group Charitable Trust owns 70 per cent of Speed-net SMART.
“Indeed, I met with Mr. Ashcroft to make it clear to him what the position of this party is. We cannot continue to support any public acquisition that materially affects the public interest. That is our stand.
“We cannot support a monopoly. And you want me to say there will be absolutely no monopoly. Well, there should be absolutely no monopoly on electricity. There should be absolutely no monopoly in water if that is the stance we are going to take.”
Panton said that in democratic countries, especially in Belize, “there is room for monopolies because we have a small market to serve, that is why there is only one electricity provider, and that is why there is only one provider for water service”.
Last week, the Belize Chamber of Commerce and Industry (BCCI) urged the government to address the sale of Speednet – SMART, warning that the acquisition represents “a matter of profound national significance”.
“This transaction would fundamentally reshape Belize’s telecommunications landscape, with lasting implications for consumer welfare, business competitiveness, the stewardship of public funds, and the overall health of our digital economy,” the BCC said in a statement.
Four independent members of the Senate also called for an immediate pause on any decisions related to the sale.
In a joint statement, the legislators said they support calls from the BCCI and the National Trade Union Congress of Belize for full disclosure before any acquisition of commercial assets is approved.
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