PM Dodges Speednet Deal Questions, Cites Brother’s Stake

Prime Minister John Briceño is steering clear of discussions about a possible BTL/Speednet acquisition. He confirmed that his brother has direct investments in Speednet. On the other hand, the government that he leads is the majority shareholder in BTL. So, is there a conflict of interest there? P.M. Briceno says go ask his brother.

 

Prime Minister John Briceño

“Belize is a small country and you all now I have never lived off my government salary. I do investments through my family, with Jaime. I do not have any direct investments with Speednet, it is my brother. But BTL, despite the fact, like BEL and Hydro Belize, while it is owned majority by the government, it is a private company and as a private company we allow them to manage tie company and do whatever decision is in the best interest of the company. BTL, the last price tag is six hundred and ten million and they have to find ways to improve their earning. They took it from one million dollars under the UDP in 2019 and twenty plus million the last time. As a business person you try to see how you can have more synergy and get the cash flow. In our company at Centaur that is what we did. We started as a small company in Orange Walk Town and we started buying all of these small companies in Corozal Town, in San Joaquin, San Narciso, all the way up to Ladyville and expand into cable. So the idea is to expand so you increase cash flow and profitability. I imagine that is what BTL is doing.”