Social Partners welcome Cabinet’s position against proposed BTL-Smart acquisition

By Zoila Palma: The Belize Chamber of Commerce and Industry (BCCI), National Trade Union Congress of Belize (NTUCB), National Evangelical Association of Belize (NEAB), Belize Network of Non-Governmental Organizations (Benn), and their respective Independent Senators have welcomed Cabinet’s decision not to support the proposed acquisition of Speednet Communications Ltd. (Smart) by Belize Telemedia Limited (BTL). In a joint statement issued on August 13, the Social Partners said they “commend Cabinet for listening to the concerns expressed by Belizeans across the country,” adding that the decision demonstrates the importance of “public scrutiny, collective action and meaningful engagement on matters of national importance.” The groups, however, stressed that Cabinet’s position does not determine the legal or regulatory outcome of the proposed transaction. They pointed to the Public Utilities Commission (PUC) as the relevant regulatory authority and called for the Commission to continue carrying out its legal responsibilities independently and transparently. The Social Partners also reiterated their request for the PUC to address outstanding regulatory concerns, including the implications of the acquisition for competition and compliance with Belize’s telecommunications framework. The Social Partners further called on BTL’s Board to comply with its legal and fiduciary obligations and respond fully to outstanding requests for information, including financial and valuation material needed to properly assess the proposed acquisition. “Cabinet’s announcement does not remove the need for accountability regarding how a transaction of this magnitude was introduced, assessed and advanced,” the groups stated. Reaffirming their position, the Social Partners said the proposed acquisition must withstand rigorous public, financial and regulatory scrutiny and comply fully with the law. The post Social Partners welcome Cabinet’s position against proposed BTL-Smart acquisition appeared first on Belize News and Opinion on www.breakingbelizenews.com.