UDP Condemns BTL Board’s Approval of SMART Acquisition

Opposition Leader Tracy Taegar-Panton says the United Democratic Party (UDP) is “deeply perturbed” by Belize Telemedia Limited’s decision to move forward with its proposed acquisition of Speednet Communications Limited (SMART) for a reported BZ$80 million.

In a statement issued Tuesday, Panton said the BTL Board approved the transaction despite repeated calls from national stakeholders for greater transparency, comprehensive due diligence and full disclosure of the financial, legal, regulatory and governance implications of the deal.

The Opposition Leader said the decision ignores concerns raised by the Belize Chamber of Commerce and Industry (BCCI), the National Trade Union Congress of Belize (NTUCB), the Opposition and members of the public over the proposed acquisition.

Panton argued that the purchase of what she described as a strategic national asset using public resources should not proceed “under a cloud of uncertainty.” She said Belizeans deserve to know whether the deal represents value for money, whether any conflicts of interest have been addressed and whether the interests of taxpayers, consumers and Social Security contributors have been protected.

The UDP also announced it will convene an urgent meeting with the NTUCB Executive Committee and called on the Public Utilities Commission (PUC) to exercise the highest level of due diligence and transparency when reviewing the proposed consolidation of the telecommunications sector.