BTL Eyes Major Telecom Buyout, Transparency Questioned

After months of rumors and closed door speculation, the silence is finally broken. Belize Telemedia Limited Chairman Markhelm Lizarraga has confirmed that BTL is actively exploring the purchase of Speednet, Central Television and Internet, and Southern Cable Network. The company is calling it a “rationalization and unification” of Belize’s telecoms industry, but this would be one of the biggest financial moves in the sector’s history. The price tag is an estimated one hundred and seventy million dollars. And BTL, remember, is majority owned by the government, meaning Belizeans ultimately carry the risk. That confirmation answers one question but raises several more. How transparent is this process? Are there conflicts of interest? And is a public company acting in the public’s best interest, or rolling the dice with taxpayer backed resources? BTL says the numbers make sense. By combining revenues and cutting duplicated costs, everything from power and software licenses to marketing, HR, IT, and tower infrastructure, the company expects a major boost in annual cash flow. It is projected that the investment would pay for itself within four years. For consumers, little disruption is promised: same phone numbers, same services. The company says lower operating costs could eventually mean lower prices, with rates benchmarked by the Public Utilities Commission against similar competitive markets. The PUC would also monitor customer service and impose penalties if standards slip. Subsidized rates for vulnerable and remote communities are also part of the plan. Still, this is a massive consolidation with sweeping implications for competition, pricing, and public accountability. Speculation may have ended today, but scrutiny is just beginning. The case for acquiring Speednet is clear. But BTL’s move to buy cable companies is harder to justify, especially amid concerns about conflicts of interest and the fact that cable currently reaches only about twenty percent of households. Shane Williams has been following the details and has our full report.

 

Shane Williams, Reporting

For the first time after months of rumors, Belize Telemedia Limited has publicly confirmed what industry insiders have long suspected, the state-owned telecommunications company is exploring the acquisition of Speednet and other cable operators. Ahead of a Board of Directors meeting today, Chairman Markhelm Lizarraga held a press briefing to justify a consolidation he says has been in the works since 2018.

 

Markhelm Lizarraga, Chairman, BTL Board

“So with that backdrop, the backdrop that we have this investment. With the backdrop that we have over capacity in the industry and especially in BTL, because as an essential service provider, we have to have built in redundancies already. I’ll tell you why. Because we provide the backbone for data for the whole country. We provide data through our pipes to everybody in the country. You want me to repeat that? We provide data through our pipes for everyone in the country. So why duplicate it?  All that duplication is just waste. Cause we could’ve served all of them on to our system. We have duplicated billing system that cost millions of dollars. We have duplicated software, we have duplicated everything in the industry that consumers ultimately pay for. So it is in with that view that we believe that as fiduciary responsible people around this board, we believe that is a, an option that we have to sincerely pursue irregardless of where it was birthed. It becomes still a very attractive option for us.”

 

That confirmation didn’t sit quietly. Reporters quickly zeroed in on potential conflicts of interest, noting that the chairman’s brother owns Central Television and Internet. Lizarraga, himself, was appointed by Prime Minister John Briceno whose family has stakes in Speednet. Journalists argue those links raise troubling governance questions, especially for a company owned by the Belizean public.

 

Reporter

“And how do you escape that conflict that you’ve been negotiating with your brother on one side and the man who appointed you to the board, his family Jaime Briceno, on the other side.”

 

Markhelm Lizarraga

“Okay, let me answer you in this way. One of the first things we did when we came to BTL was we put in a conflict of interest policy. As well you will know we put in, I shouldn’t be telling you this, you know this already. We put in the small shareholder as the chairperson for the internal audit subcommittee of the board. That chairperson reports directly to the board, not to the CEO or not to the chairman, as was once the practice. We are looking at a potential opportunity that we believe is in the best interest of everyone.”

 

Questions didn’t stop there. Reporters also pressed the chairman on whether independent valuations were conducted and who is actually determining the deal’s value and fairness.

 

Markhelm Lizarraga

“We’ve engaged an external auditing firm with a lot of experience in the LATAM area. He was saying they just did a telephone thing about five – fifty billion or five billion telephones. How much money? five billion. five billion. [If you can share the name of that person], yes, they can. They can do that. So we’ve sought external advice. Now all of this information has been compiled and over the last week we’ve been meeting. Individually and in groups exposing cause it’s a lot of material exposing directors to these proposals, this potential opportunity. And that process is continuing and it will continue today.”

 

Another major issue, the lack of public consultation. Despite being majority‑owned by the Government of Belize, BTL has moved forward without consultation with consumers, civil society, or investors, a lack of engagement critics say could pave the way for reduced competition, higher prices, and an effective monopoly of the telecom industry.

 

Shane Williams

“In your open remark, you mentioned multiple things that this is about giving the people. Do you believe that a monopoly is something the Belizean people want or deserve and will BTL commit to a formal public consultation process before any acquisition is made?”

 

Markhelm Lizarraga

“Again, two things. This is a private company, so the decisions that we make here not necessarily need public consultations, but we will have public disclosures.”

 

BTL insists the talks are still exploratory, but today’s announcement suggests the process is alive and advancing, now firmly under the public microscope. With hundreds of millions in public assets at stake, many are now calling for independent oversight, transparency, and full disclosure before any final decision is made. The NTUCB has outlined three specific demands for BTL.

 

Shane Williams

“The National Trade Union Congress of Belize just issued a release calling for three things: immediate, all steps toward acquisition, two ensure full and verified disclosure of beneficial ownership and three launch of transparent national consultation. What’s your reaction to the NTUCB?”

 

Markhelm Lizarraga

“Noted, noted, thank yo.”

 

BTL plans to continue internal talks, as critics call for public involvement.

Shane Williams for News Five.