PM Says Consolidation Prepares BTL For Incoming Challenges

As public concern grows over the proposed BTL acquisition of SpeedNet, Prime Minister Briceño says government Amid concerns over BTL’s proposed SpeedNet acquisition, Prime Minister Briceño says the government will protect consumers and taxpayers’ investments, stressing that consolidation, properly regulated, is a common global practice and aims to prepare BTL for future challenges. When questioned about whether the move amounts to bailing out telecom companies, the PM pushed back insisting consolidation is a common global practice once it is properly regulated.

 

Prime Minister John Briceño

“I think I would accept that there is some concerns and what we’re saying by doing just an SI – an SI is simply just to put things on hold, on pause. Nothing will happen until you know how best to be able to regulate the industry. And at the end of the day, we need to remember BTL – taxpayers paid six hundred and ten million plus. We still noh get the full amount for two-thirds of the telecom industry. And from BTL’s perspective, they believe that if they were able to buy the other one third that there are efficiencies that could come into place and that they’ll be able to withstand the challenges that are coming to Belize. And at the end of the day, they need to do what is in the best interest of the company and by extension, us as a government need to be able to protect our taxpayers monies and social security monies.”

 

Reporter

“BTL has the capacity to drive smart into the ground. Why not wait for that to happen? It’s like where you are asking the people to bail out Smart.”

 

Prime Minister John Briceño

“I don’t know where you get this idea about bailing out, but this kind of consolidation happens everywhere, all over the world. It happens all the time. In the United States, companies are buying up one another and everything is managed by regulation.”