BCCI Warns Against BTL-SMART Acquisition Without Competition Safeguards

The Belize Chamber of Commerce and Industry (BCCI) has expressed serious concerns over the potential acquisition of Speednet/SMART by Belize Telemedia Limited (BTL), saying the deal could fundamentally reshape Belize’s telecommunications sector with major consequences for consumers, businesses, and public finances.

In a statement, the Chamber acknowledged that consolidation could offer efficiency gains and increased investment capacity, but stressed that the current legal framework and lack of safeguards make support for the transaction premature and potentially harmful to the national interest.

The BCCI stressed four primary areas of concern. The BCCI says transparency deficits, including limited disclosure of ownership and valuation details, prevent the public and stakeholders from assessing the fairness and motivations behind the deal. It said that reported links between Speednet ownership and politically exposed persons create an appearance of conflict, raising questions about whether the acquisition serves the public good or private interests. BCCI’s third concern is that, as a major shareholder, the Social Security Board could be exposed to financial risk without proper oversight, potentially affecting its ability to provide benefits to contributors. And lastly, its fourth concern: market consolidation without robust safeguards could lead to higher prices, reduced service quality, less innovation, and diminished bargaining power for consumers and businesses.

On December 12, 2025 Prime Minister John Briceño addressed the topic. He said, “I have said already that I am not involved, and if you want something from the personal or business side of my family, you need to go and speak to them. Don’t speak to me. I am saying it very respectfully. I have said that BTL, while it is owned by the government, BTL, BEL and BWSL are private companies. And I am certain that should that happen, they will be required to give a full explanation to the people of this country and to make a case that it is something that is in the interest of the company.”

Back in July 2025, Lord Michael Ashcroft also addressed the topic during an appearance on Open Your Eyes. He noted that Speednet is majority-owned by the Waterloo Charitable Trust, which also owns Universal Health Services. He said competition in the telecommunications sector is constantly evolving, citing past challenges with voice-over-IP services that initially threatened BTL. Ashcroft stressed that concerns over monopoly should be weighed against the fact that BTL is 95% government-owned, meaning profits ultimately benefit the state and Social Security Board. He added that BTL already faces growing competition, including potential global players like Starlink, and that strategic consolidation could help Belize remain competitive internationally. He warned that failure to adapt could allow foreign companies to dominate the market, suggesting that BTL and Speednet may need to reorganize to maintain a strong domestic presence.

The Chamber insisted that any consideration of the acquisition must be contingent upon the prior enactment and commencement of comprehensive competition and merger control legislation, similar to frameworks in Jamaica and Trinidad and Tobago. It also outlined key prerequisites for any potential transaction, including full verified disclosure of beneficial ownership, an independent third-party valuation, a transparent public consultation process, binding commitments on pricing, service quality, and infrastructure investment, and absolute protection of public pension funds.

The BCCI urged the Government of Belize and all involved parties to halt any steps toward consolidation until the necessary legal framework is in place.