John Briceño Breaks Down B.T.L.’s Acquisition Cost

John Briceño

Briceño, during the press conference, also broke down the arbitration award into annual payments, calculating the figure retroactively to the 2009 nationalization of the utility company.

John Briceño, P.U.P. Leader

“They have explained that they will borrow, but they have failed to explain how we will pay. They have said that they can borrow at three point two-five percent interest rate. What is three point two-five percent on five hundred and fifty-seven million dollars per year? That is worth over eighteen million dollars in interest payments alone per year. Prime Minister Barrow has said B.T.L. will make one hundred million dollars in dividends over ten years; that is ten million dollars a year in dividends. So in the simplest of terms, the cost of buying the company is not only five hundred and fifty-seven million dollars, but an additional eighteen million dollars a year on top. And what we get in return? Ten million dollars a year in dividends. How does that make sense? Every year, we are losing eight million dollars and we still have to find five hundred and fifty-seven million dollars to pay the B.T.L. debt. Where will that money come from? If it is not coming from B.T.L., is he going to raise taxes? The Prime Minister did not say no to new or increased taxes on Love FM this morning. Is he going to cut government expenses by retrenching people? Only Prime Minister Barrow and his closest advisors know how the punishment will be doled out on the Belizean people.”