By Breaking Belize News Staff: In a major and unexpectedly early turn in the weeks-long controversy over Belize Telemedia Limited’s proposed $80 million acquisition of SMART/Speednet, Cabinet announced Thursday that it does not support the transaction — five days before the date Government had previously set to deliberate and announce its position.
Cabinet said the acquisition had become a matter of “national concern” and noted that the Government of Belize, the Social Security Board and the Belizean people are the majority owners of BTL. After reviewing the available information and considering concerns raised by social partners, the media and the public, Cabinet said it had reached an informed position against the acquisition.
The timing of the announcement is particularly significant. As recently as Tuesday, August 11, Government officially stated that Cabinet would hear stakeholder presentations and then deliberate at its Tuesday, August 18 meeting before announcing its position. Instead, Cabinet moved on Thursday, August 13 — effectively pulling political support from the controversial deal almost a week ahead of schedule.
The decision also comes just ahead of escalating industrial and political action. The National Trade Union Congress of Belize had called on Belizeans to wear black on Friday, August 14, in protest against the acquisition, followed by a demonstration outside the Sir Edney Cain Building in Belmopan on August 18, timed to coincide with the Cabinet meeting. The Belize National Teachers’ Union had also confirmed that its members would participate in Tuesday’s rally, while the United Democratic Party had separately called supporters to protest the proposed deal that same day.
The four Social Partners — the Belize Chamber of Commerce and Industry, National Trade Union Congress of Belize, National Evangelical Association of Belize and Belize Network of NGOs — immediately welcomed Cabinet’s decision, saying it demonstrated the importance of “public scrutiny, collective action and meaningful engagement.”
However, they cautioned that Cabinet’s opposition does not by itself legally dispose of the proposed transaction. They said the Public Utilities Commission still has regulatory responsibilities under law and called for those processes to proceed independently and transparently, particularly regarding competition and compliance with Belize’s telecommunications framework.
The Social Partners are also demanding that BTL’s Board provide outstanding financial and valuation information and answer questions about how an $80 million transaction of such national significance was introduced, assessed and advanced in the first place.
BTL’s Board had voted on August 4 to move forward with the proposed acquisition, subject to continuing due diligence and other approvals. Since then, opposition had widened considerably, extending beyond the Social Partners to BTL’s own union, former employees, opposition parties and other sections of the public.
While further regulatory and corporate steps may technically remain, Cabinet’s declaration represents the most significant setback yet for the proposed BTL-SMART acquisition. What had been expected to culminate in a showdown at Tuesday’s Cabinet meeting — against the backdrop of planned protests in Belmopan — instead reached a dramatic political turning point five days early.
The Social Partners, while celebrating the development, say their work is not finished and that they will continue pressing for answers and accountability surrounding the transaction.
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By Breaking Belize News Staff: In a major and unexpectedly early turn in the weeks-long controversy over Belize Telemedia Limited’s proposed $80 million acquisition of SMART/Speednet, Cabinet announced Thursday that it does not support the transaction — five days before the date Government had previously set to deliberate and announce its position. Cabinet said the
The post Cabinet pulls plug on BTL-SMART deal five days before Cabinet vote during planned protests appeared first on Belize News and Opinion on www.breakingbelizenews.com.
