The Belize Chamber of Commerce and Industry (BCCI) has issued a stark warning regarding the proposed acquisition of Speednet/SMART by state-owned Belize Telemedia Limited (BTL), asserting that the transaction could dramatically reconfigure the nation’s telecommunications landscape with profound implications for consumers, businesses, and national financial stability.
While acknowledging potential efficiency gains and enhanced investment capacity through market consolidation, the BCCI emphasized that the absence of a robust legal framework and protective measures makes any current endorsement of the deal premature and potentially detrimental to national interests.
The Chamber delineated four critical areas of concern. First, it highlighted significant transparency deficits, particularly regarding the limited disclosure of ownership structures and valuation methodologies, which obstruct public and stakeholder assessment of the deal’s fairness and underlying motivations. Second, reported connections between Speednet ownership and politically exposed individuals have created perceptions of conflict of interest, raising fundamental questions about whether the acquisition serves public welfare or private advantage.
Third, the BCCI expressed apprehension about the financial exposure of the Social Security Board as a major shareholder, warning that inadequate oversight could jeopardize its capacity to fulfill benefit obligations to contributors. Finally, the Chamber cautioned that market consolidation without stringent safeguards could precipitate higher consumer prices, diminished service quality, reduced innovation, and weakened bargaining power for both individual consumers and corporate entities.
The political dimension emerged when Prime Minister John Briceño, addressing the matter in December 2025, distanced himself from the negotiations, characterizing BTL as a private entity despite government ownership and emphasizing that any transaction would require comprehensive public justification.
Earlier, in July 2025, business magnate Lord Michael Ashcroft provided context during a media appearance, revealing that the Waterloo Charitable Trust—which also controls Universal Health Services—holds majority ownership of Speednet. Ashcroft contended that monopoly concerns should be balanced against BTL’s predominantly government-owned status, suggesting profits ultimately benefit the state. He further argued that strategic consolidation might be necessary for Belize to compete effectively against emerging global competitors like Starlink, warning that failure to adapt could result in foreign dominance of the telecommunications market.
The BCCI concluded that any consideration of the acquisition must be predicated on the prior establishment and implementation of comprehensive competition and merger control legislation, mirroring frameworks adopted in Jamaica and Trinidad and Tobago. Essential prerequisites include full verified disclosure of beneficial ownership, independent third-party valuation, transparent public consultation processes, binding commitments on pricing and service quality, and absolute protection of public pension funds. The Chamber urgently called upon the Government of Belize and all involved parties to suspend consolidation efforts until these fundamental safeguards are formally enacted.