PM Briceño Says Board Must Do What’s in BTL’s Best Interest

Prime Minister John Briceño told News 5 today that Belize Telemedia Limited (BTL) must be allowed to make its own business decisions while the government ensures consumers are protected.

BTL’s proposed acquisition of SpeedNet has attracted major backlash.

Despite opposition from several sectors and members of the public, Briceño said BTL, as a company owned by both the government and Social Security, needs to act according to its fiduciary responsibilities. “They need to do what they believe is in their 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,” he said.

Briceño noted that BTL has already begun meeting with stakeholders, including the Belize Chamber of Commerce and Industry, the Business Bureau, and Social Security, and is expected to give Cabinet a full briefing next week.

He also said the government’s role is to ensure BTL remains profitable while protecting consumers from price gouging and maintaining service quality. The Prime Minister pointed to the Public Utilities Commission (PUC) as central to this oversight, informing reporters that a Statutory Instrument (SI) is being prepared to freeze telecom rates for the next 12 months, regardless of consolidation. “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,” he explained.

According to Briceno, consolidation is common globally and can be managed effectively under proper regulation. “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,” he said.