A coalition of Independent Senators in Belize has formally demanded an immediate suspension of the proposed acquisition of Belize Telemedia Limited (BTL) commercial interests, escalating concerns about potential market domination in the nation’s telecommunications sector. The diverse group—representing business, religious, non-governmental, and labor interests—issued a joint statement aligning with earlier objections raised by both the National Trade Union Congress of Belize and the Belize Chamber of Commerce and Industry (BCCI).
The senators emphasized that the transaction requires comprehensive independent valuations and full transparency regarding its justification before any regulatory approvals proceed. Their primary concern centers on the deal potentially creating a telecommunications monopoly that could disadvantage consumers and undermine market competition.
This political development follows Thursday’s press conference where BCCI President Giacomo Sanchez articulated the business community’s position. While not outright rejecting the acquisition, Sanchez emphasized that robust legislative safeguards must precede any further discussions. He specifically highlighted concerns about asset evaluation and the need to prevent future ‘flipping’ of the telecommunications provider.
Sanchez stated: ‘If proper evaluation reveals the acquired assets are in a retrograde position, we would effectively be moving backward. However, if these represent suitable assets, viability exists. Our opposition isn’t to the transaction per se, but to the current structure which lacks sufficient guardrails against future ownership fluctuations of BTL.’
The converging opposition from civil, business, and political sectors creates significant pressure on regulators to implement comprehensive legislation before considering the acquisition’s progression.