Channel 7’s Net Vasquez assumes control of Telemedia

Early this afternoon, the Governor General, Sir Colville Young, penned his signature to put into law, G.O.B.’s acquisition of Belize Telemedia. Just like that in a period of twenty four hours, that began on Monday, with a special session of the House, G.O.B. hijacked the utility company. The events unfolded with a surprise introduction, debate and approval of a Bill to amend the Belize Telecommunications Act 2009 and with that the Barrow regime took its greatest political and economic gambit and nationalized the largest private company in Belize. According to Barrow, the move was necessary to put an end to the legal battles with Lord Michael Ashcroft over the Accommodation Agreement signed with the government in 2005. But the battles are far from over and now take on an added dimension. Under its past management, Telemedia said there is no public purpose to the nationalization of the company which has been valued at three hundred million US dollars, an indication that this is where battles lines will be drawn. This afternoon, the new board showed up in convoy to essentially get the keys of the St. Thomas Street headquarters, which in their first term the U.D.P. administration named the Esquivel Telecom Center. Businessman and the owner of Channel Seven, Net Vasquez, will be chairing the new Board of Directors and another old hand, Manuel Esquivel, was also named to the Board. Notably, new board members are Anwar Barrow, the son of the Prime Minister and his mother Lois Young as secretary. Other board members are Carla Barnett, Alan Slusher, Audrey Wallace, Ambrose Tillett and Colonel George Lovell. It is not known yet if under the new management, an executive committee will be put in place.