BCCI: BTL Meeting Fails to Address Key Concerns on Speednet Acquisition

The Belize Chamber of Commerce & Industry (BCCI) has restated its concerns following a meeting with Belize Telemedia Limited (BTL) about the company’s proposed acquisition of Speednet/SMART.

Last week, BTL met with both the BCCI and the Belize Business Bureau (BBB) on the same day to discuss the deal. Earlier this week, the BBB issued a press release supporting the acquisition, even stating that “competition destroys profits.”

On Thursday, however, the Chamber took a different position. In its statement, the BCCI said that while the meeting with BTL was constructive, “fundamental concerns remain unaddressed.”

The Chamber pointed to several issues, including whether the deal complies with Section 42(4) of the Telecommunications Act and what risks it could pose to consumers and businesses. “The presented valuation methodology used to determine the proposed purchase price warrants independent scrutiny to validate whether the proposed ROI is realistic,” the release stated, adding that potential conflicts of interest must be avoided.

Financial and fiscal concerns were also raised, including the exposure of the Social Security Board (SSB) as a shareholder and uncertainty around how rates would be set if a monopoly were created. The Chamber argued that the Public Utilities Commission (PUC) must enforce consumer protection rules to safeguard both consumers and competition.

It further warned that reduced competition could limit tailored solutions, flexible contracts, and competitive services. “A monopoly removes this safety net, increasing vulnerability to outages, system failures, and reduced flexibility,” the statement read.

The Chamber is calling for full disclosure of the transaction, independent valuation by a firm with no ties to Belize, public consultation, and new consumer protection laws before any deal goes forward.

“The public must be confident there is no political interference,” the Chamber said.