PM Says BTL Board Must Do What’s Best For The Company

Prime Minister John Briceño left the country on personal leave on Thursday, but not before addressing growing national controversy surrounding BTL’s proposed acquisition of SpeedNet, a company partially owned by members of his family. The announcement has sparked strong public backlash, with the Opposition and social partners calling for the resignation of BTL Chairman Mark Lizarraga and critics warning the deal could pave the way for a telecommunications monopoly. So far, there has been no broad public consultation, and Cabinet has yet to receive a full briefing on the proposal. With pressure mounting from unions, business leaders, and the public, we asked the Prime Minister where the government stands on the proposed acquisition and whether it supports consolidation in the telecoms sector.

 

Prime Minister John Briceño

“I think there’s a process and we should allow the process to pass. We need to appreciate that despite the fact that BTL is owned by the government and Social Security majority, ’cause we have a lot of small shareholders, I think we should allow BTL to do a business decision. They need to do what they believe is in the best interest and the board members have a fiduciary responsibility to BTL. And if they believe that the decision that BTL is making is a good one, they should support it. If it’s a bad one, they should say no. But again, BTL is going through a process. I’m told they’re meeting with different sectors explaining because a lot of, I think what happened is that when the announcement was made, which is a process you announce and then you go and talk to people, there was a lot of uncertainty or people unsure what’s what was happening. And now they have started the process of meeting. I know they’ve met with members of the chamber and the business bureau. They’ve met with Social Security. And the plan is that they’ll come to cabinet on Tuesday to give us a full briefing.”

 

Shane Williams

Is government inclined to support a consolidation?

 

Prime Minister John Briceño

“It is not a matter of consolidation. Our responsibility is to ensure that BTL can be as profitable as possible, but at the same time we have to ensure that the consumers are protected at all times, that they’re not price gouged and that they give the best service possible.”