Ashcroft, small shareholders, sue BTL

It might have gotten lost in all the talk about the budget but on Wednesday, a law suit was filed in the Supreme Court against Belize Telecommunications Limited by a group of small shareholders. Attorney Lois Young Barrow filed the suit on behalf of the Belize National Teachers Union, the Public Service Union and several companies controlled by the former owner of BTL, Michael Ashcroft. This afternoon, President of the BNTU, Anthony Fuentes, explained the aim of the motion.

Anthony Fuentes, President, Belize National Teachers Union
?This exercise is based on the grounds that–if you aware that Mr. Prosser want to dilute the shares of the small shareholders–the company presently have over a hundred million shares. Thirty-six million of these shares have been given to shareholders and twenty-four million Mr. Prosser wants to buy for a dollar. If you could recall when they were selling the BTL shares, they were offering five dollars and eighty-eight cents for the shares. We have filled a lawsuit, ourselves with the other small shareholders. But you need ten percent in order for you to do this and with BNTU and PSU we make up the ten percent that is necessary to file the lawsuit.?

Janelle Chanona
What is the end outcome you all are looking for with this legal motion??

Anthony Fuentes
?Well we will hope that at the end of the day, the small shareholders will benefit from their investment in BTL.?

News 5 understands the date for the hearing has yet to be set by the Supreme Court.