Supreme Court orders inquiry into B.T.L.

With so many lawsuits swirling around Belize Telecommunications Limited it’s hard to keep track. The latest decision by the Belize Supreme Court, issued yesterday, is the granting of a request from disgruntled shareholders to have a special investigation into the affairs of the company, specifically the time it was under the control of Jeffrey Prosser. The intent of the suit, brought by Michael Ashcroft and other minority owners under the companies act, was to throw a spanner into Prosser’s attempt to run the company in a way that prejudiced the interests of other shareholders. The ruling of Chief Justice Abdulai Conteh, however, while satisfying that wish, broadened the period under review to include the period going back to April 2001 when B.T.L. was under Ashcroft’s control, an opening that could be exploited by Prosser.

In related news, reports out of Miami indicate that the suit by Prosser against the Belize Government continues, with the temporary restraining order against G.O.B. remaining in effect. Sources at U.S. Federal Court indicate that the managing director of the R.B.T.T. Merchant Bank of Trinidad and Tobago, Lindon Guiseppi, testified that his institution was prepared to provide Prosser with fifty-seven million U.S. dollars to complete the B.T.L. purchase, but could do so only if the Belize Government honoured promises allegedly made to Prosser to grant several concessions that would have ensured the company’s continued viability. The case resumes next Wednesday.