G.O.B. facing deadline on B.T.L. sale

While partisan politics pushed the story off the front page, the question of who is going to own and control B.T.L. is not going to go away any time soon. Today Attorney General Francis Fonseca explained why the clock is ticking loudly.

Francis Fonseca, Attorney General
?There are certain external obligations that the government have, arising out of the loans which were obtained in order to facilitate the purchase of these shares in B.T.L. Some of those loans become due after that date, so it?s very important for the government to finalize this issue and in fact to sell those shares, as we have said by June fifth or thereabouts.?

Patrick Jones
?If the employees do not come up with the money to buy the shares, does the Government of Belize intend to sell to somebody else? And who does the government has in mind to sell to??

Francis Fonseca
?Well I think certainly we?ll have to look at that issue. I must say that at present we are trying to do all we can to work with the employees and managers of B.T.L. to try and ensure that they are in a position to purchase those shares. And whether or not it means that they will be in a position to purchase all the shares or whether they will have to–as some have suggested–form some sort of strategic alliance with other investors; that is something that they will have to determine for themselves. But certainly we are open to that and certainly as the date approaches, we will have to look very closely at these issues and make decision on them. But those decisions have not been made yet.?

Patrick Jones
?But one way or the other, whether to B.T.L. employees or somebody else, government will sell those shares by June fifth.?

Francis Fonseca
?Well that is our position now. As I said, we will have to dispose of the shares because of these external obligations and we are still very hopeful and optimistic that we will be able to do so to the managers and workers of B.T.L.?

As for how the company will be governed, Fonseca admitted that until the situation in the Miami courtroom is resolved, the awkward arrangement of one company with two boards will continue.