Gov’t takes back BTL from Prosser
It involved all day negotiations and by five thirty, government was confident enough to break its silence and issue a press release. No, we are not talking about the ongoing dispute between Belmopan and the unions. This high wire act involves government’s apparent decision to take back control of Belize Telecommunications Limited, following Jeffrey Prosser’s failure to pay for the shares. For the record, here is the text of the press release, entitled “Government regains control of BTL.”
“Belizeans will recall that in a statement made to the House of Representatives on the 10 December, 2004, regarding the BTL Shares, the Prime Minister had informed the Nation that the Government of Belize was prepared to grant to Innovative Communications Company (ICC) an extension of 75 days from 22 November, 2004, to make good the default in the payment of US$57 million plus interest related to the sale of shares in Belize Telecommunications Limited.
This extension was granted and subsequently expired on 7 February 2005 without ICC making the necessary payments.
Consequently, the Government of Belize is considering various options regarding the shares not paid for by ICC and a final decision will be taken as soon as possible. It is Government=s intention that Belizeans will be given every opportunity to participate in the purchase of these shares.
Meanwhile, Government has taken control of the management of BTL and a new Board of Directors has been appointed chaired by the Financial Secretary, Dr. Carla Barnett, and having other Government representatives. The other members of the Board of Directors are Mr. Gian Gandhi, Mr. Joseph Waight, Mr. Sidney Campbell, Mr. Edward Musa and Mr. Louis Lue.
The new Board has appointed Mr. Gaspar Aguilar, Financial Controller, as the new Chief Executive Officer of BTL, while Mr. Wilman Black has been reconfirmed as the Company Secretary.
The Government of Belize wishes to assure BTL employees and the general public at large that BTL operations will continue as normal.”
Not surprisingly, the press statement raises more questions than it answers, namely.
Where is government going to get the fifty-seven million U.S. dollars that it borrowed from the International Bank of Miami to buy the shares from Carlise Holdings?
What will be the role of Jeffrey Prosser, who has paid close to thirty million U.S. dollars for around a quarter of the company’s shares? Will he go quietly into the night or file a massive lawsuit?
What is the role of Michael Ashcroft, the man who has already bought up eight or so percent of BTL from its so called small shareholders? Is he poised to buy the rest from government, giving him more shares than he had when he sold out?
Will Ashcroft or whoever owns the new BTL be bestowed with the rich set of concessions that GOB promised Prosser, but never delivered?
And what about Intelco? Will the new owners of BTL have to buy that bankrupt white elephant as the price of enjoying a near monopoly on Belize’s telecom business?
Apparently, it’s still a work in progress and while all Belizeans are hoping for a happy ending, optimism, these days, is a commodity in short supply.
