Telemedia shares to be divided, but for whom?
Prime Minister Dean Barrow was expected to announce on Independence Day that the Social Security Board would be purchasing shares in Belize Telemedia. That didn’t happen because at an eleventh hour meeting of the SSB investment committee on Monday, the proposal ran into trouble. Two of the committee members reportedly voted against, the two government representatives voted in favor, which meant that the chairman who is also the chair of BTL, Net Vasquez, resorted to using his casting vote to approve the multi-million dollar investment. Word is that committee members voted against because they do not know the value of the company and had not seen the prospectus, which according to the Prime Minister, will made public on October fifteenth. They also needed assurances that the “new BTL” will be insulated from all the legal battles the company is mired in. It is expected that the matter will now go to the Social Security Board, which is chaired by Lois Young, who is also the legal adviser and secretary of the BTL Board. Interestingly, a meeting of the House has been called for this Friday where the PM hopes to table the matter. Digicel Caribbean, one of interested parties, with whom negotiations are ongoing, is apparently seeking to secure its own accommodation agreement with Telemedia for the management contract of the company and assurances that no other telecommunication licenses are to be allowed. As to the cheaper rates alluded to by the PM on Independence Day, the question is still out on whether or not, he will allow the introduction of the VOIP to really bring down rates.
Can you say……………………..”CONFLICT OF INTEREST”??????? and throw in some POLITRICKS!!!
and WHAT DO YOU HAVE?????????
True very true big time conflict of interest I think if negotiations should continue with the SSB and BTL then Lois Young should relieve herself of one of those positions or be relieved, since she will certainly be acting at the detriment of one of them, on the other side regarding Digicel Caribbean why should government disallow other telecommunications licenses it is true that Belize is a small country and might not have the size market for many telecommunication companies but it’s called free enterprise and may the best company win it’s an investment and also a gamble why should a foreign company influence our laws so they can have an advantage will only be another ……… scenario. If another company have enough guts to enter that limited market the only way that they can survive would be to be a better company and offer better services and the consumers win, is this not what a government’s responsibility is to serve their citizens. I also believe that other small telecommunication companies is a good thing for the remote parts of the country that is under served by the big ones who do not see it feasible to setup infrastructures in these areas.
First of all in any monopoly you can bet that the interest is for the business to make money and
not to bother or care on what they charge since they are sole power. With the introduction of
Voice over Internet Protocol–Voip–or even the promise of it is cool but that system can be a
failure with your business and communication activity–it is used a walkie talkie—I’m not trying
to bury the idea, just that other telecommunication company must be given a fair chance to do
business in Belize.
I also see the Head of the Country all over the situation like a Jankrow over its nest of young
ones—I believe that Belize has been Hijacked a long time ago—–Mr Lindo talk about the PUP
been hijacked what about your livlihood–your neighborhood by incited thugs, your borders by
invading drug lords and the introduction of younglings executions and the soon to come— THE
DREADED TAKE OVER— I’m Garifuna and a Belizean—Do you wanna listen to this Jankunu
Man..
Beside shares into this monopoly of a company is gonna be bought by money people and if
they uses the money of the people that is their social Security Money —then cut every working
and paying Belizean a check at years end–you might stay in power longer plus the people will
love
you–and I will love you too—– Later we can put Belize and its major companies up on the Stock
exchange and create a atmosphere of prosperity, people will love all these companies and their
Country—Crime will go down and we can create a better and economically stable country.
Very good points there Rootsman!
Giving a company exclusivity, is giving permission for providing inferior service without a challenge.
Ths is just another con in the making, and the poor & avreage Belizean will suffer in the end for the benefit of ‘First Belizeans’.
Why? Think about it. SSB will buy shares, using the contributions paid in by the Belizean Workers. BTL will either do well or not. If they do well, any dividends & bonuses to the shares will not be passed to the workers who funded the shares, and if BTL does badly, SSB will be asked to give financial support, as it will be a large shareholder. Again, those that pay SSB contributions will suffer as the benefits payable (Sickness, pensions etc. ) will either be reduced, due to ‘lack of funds’, or will be made so difficult for people to actually claim (Increase the proof of payment of contributions from 13 to 26 or even 52 weeks – which should be an SSB responsibility, as they receive the payments), that most won’t bother. BTL, GOB & the board of directors (Headed by Lois Young, a multi-millionaire already, thanks to the PM, will be the ones lining their offshore accounts with our money….
Further down the line, the PUP will be back in power, and the ….. Circus will be back in town, and SSB will not only be forced to sell the shares to haim at a fraction of the price that they cost, but will be tasked to give him more interest free loans – with OUR money!!!!!
It STINKS TO “HIGH HEAVEN”……………………
Dean Barrow made sure his family got a share of the pie by appointing them to SSB and BTL. You think the BTL thing was in the best interest of Belizeans? Ex-wife Lois Young is reaping….maybe ih di get libit too…and we di help pay by salaries from SSB, and BTL.
Go on go publish these people salary no man? The people have a right to know. NEPOTISM, CONFLICT OF INTEREST AND ALL THAT IS UNETHICAL IS HAPPENING RIGHT BEFORE OUR EYES!!!! Step down Barrow….
Public offering…I say some of you who have Belize as an intrest investigate into buying yourself some shares. You all can be critical and analytical all day but money move things bad and good.
SSB is made by the Belizeans but is not managed by the Belizeans, its a small amount of men and women who are living well off the Belizeans paying Social Security. I dont see why SSB cant help pay for medical attention to Belizeans by investing some of the money in Insurance for paying Social Security members. This is one of the major problems in Belizeans life. Dialysis, surgery,medication and care for the elderly and new born. The members of the SSB just decided amongst themselves to buy shares from BTL and didn’t ask the majority of people (The Belizean public) that make SSB, their opinion or to vote on it. SSB is not a BANK but they are surely acting like one!
Di way tings di go by red & blue government is that Belize di hed to wan lee civil war.Dat weng calm we dong lee bit, fu mek we dawm think wit we hed and no wit we foot.