BTL Acquisition Challenged on Law and Logic

The scrutiny over BTL’s proposed acquisition of Speednet is intensifying, and two prominent voices are sharpening the debate. Former BTL CEO Anwar Barrow says Belizeans shouldn’t expect a clear financial justification for the eighty‑million‑dollar deal, while attorney Darrell Bradley argues the move may not even meet the legal test under the Belize Telecommunications Act. Together, their concerns shift the conversation from cost and competition to a deeper question: is this acquisition defensible, financially or legally?

 

Darrell Bradley, Attorney-at-Law

“Assuming it’s legal, which I’m saying that it’s not, my opinion it’s not. Assuming that it is legal. BTL and SMART should not be leading this discussion. It’s a regulatory environment, and if you are going to do any kind of merger and acquisition, that will require an application to the PUC and that will inquire processes, including public input. There’s an actual provision in the legislation that requires public comment about this, so People can dialogue in relation to this. And one of the problems that I have with how this entire process is going out is that we are finding about this information after the fact. This was raised by members of the media, members of the trade union, and that’s not the way things supposed to happen. It should be something that is led by the Public Utilities Commission, the regulator. It clearly involves the private entity, but it should involve a great degree of public oversight. And the last point that I want to just add in here is a serious issue that concerns me is the players involved and believes is a very small country. And there’s oftentimes conflicts of interest that we can’t avoid. We can’t really. change because of the small nature of the society. But a deal like this involving so much millions of dollars and involving a legislative regime that prohibits anti-competitive practices in circumstances where powerful people in the country are interested in this transaction. Where is the public represented? I have not seen any kind of independent valuation in relation to what is the value of Smart? How do we assure that this is an arm’s length transaction? What kind of systems are in place to ensure that this is in the best interest of the people of Belize? And when we look at the players involved, it’s obvious to me that the Belizean people are not fully represented at the table in the way that they should be.”

As questions mount over cost, legality and transparency, tonight’s debate leaves one central issue on the table, who is really looking out for the public in this eighty‑million‑dollar deal?