The main opposition United Democratic Party (UDP) says while it supports growth in technology and investment, this should not be at the expense of transparency as the debate continues here over the move by the Belize Telemedia Limited (BTL) to acquire Speednet – SMART.
BTL says it is offering BDZ$80 million (One Belize dollar=US$0.49 cents) with BDZ$10 million being paid in cash and the balance being paid in the form of loan notes which are for a four year term and carry interest at a rate of 4.5 per cent per annum.
Speednet, is a Belizean communications company, established in 2003 and providing mostly deals with cellular services under the brand name ‘SMART’ and other landline services.
UDP and Opposition Leader, Tracy Panton outlined her party’s concerns telling reporters that the positions are non-negotiable.
‘Here are the UDP’s non-negotiable demands, public disclosure on the independent assessments and evaluations that have been complied to justify this deal must be made public.
‘There must be full transparency on financing sources and public exposure. Parliamentary consideration and debate must be had before the process is allowed to proceed any further. There must be binding consume protection on pricing and service quality. There must be binding worker protection and disclosure on labor impact. There must be the establishment of clear competition and merger control rules,’ she said.
‘Let me be clear, the UDP is not anti- technology, not anti-investment. We are however firmly oppose to secrecy. We do not accept monopolies without proper consultation and consent,’ she said.
The UDP insists that it is not closing the door on a telecom monopoly, bit is making it quite clear that their list of non-negotiables must come first before any deal is signed.
On Monday, Panton led a delegation that held talks with Lord Michael Ashcroft, laying out its position on the proposed sale. Ashcroft’s Waterloo Group Charitable Trust owns 70 per cent of Speed-net SMART.
‘Indeed, I met with Mr. Ashcroft to make it clear to him what the position of this party is. We cannot continue to support any kind of public acquisition that will affect materially the public interest. That is our stand.
‘We cannot support a monopoly. And you want me to say there will be absolutely no monopoly. Well, there should be absolutely no monopoly in electricity. There should be absolutely no monopoly in water if that is the stance we are going to take.’
Panton said that in democratic countries, especially in Belize ‘there is room for monopolies because we have a small market to serve, that is why there is only one electricity provider and that is why there is only one provider for water service’.
Last week, the Belize Chamber of Commerce and Industry (BCCI) urged the government to address the sale of Speednet – SMART, warning that the acquisition represents ‘a matter of profound national significance’.
‘This transaction would fundamentally reshape Belize’s telecommunication’s landscape, with lasting implications for consumer welfare, business competitiveness, the stewardship of public funds and the overall health of our digital economy,’ the BCC said in a statement.
Four independent members of the Senate also called for an immediate pause on any decisions related to the sale.
In a joint statement, the legislators said they support calls from the BCCI and the National Trade Union Congress of Belize for full disclosure before any acquisition of commercial assets is approved.