A proposed BZ$80 million acquisition of Speednet Communications Limited by Belize Telemedia Limited (BTL) has ignited significant concerns regarding financial transparency and the potential diversion of funds from public benefit. The transaction structure, featuring substantial deferred payments through loan notes, has drawn scrutiny from analysts who fear historical financial loopholes may be exploited once again.
According to official documentation, the Waterloo Group Charitable Trust maintains a 77.5% ownership stake in Speednet, with Jaime Briceño and Renan Briceño holding the remaining shares. Lord Ashcroft’s office has explicitly stated he retains no economic interest in the Trust, which claims charitable purposes benefiting Belizean citizens.
The acquisition arrangement specifies that BTL would disburse BZ$10 million in immediate cash payment, while the substantial balance of BZ$70 million would be settled through loan notes issued across a four-year period, carrying a 4.5% interest rate. While proponents emphasize operational synergies, enhanced efficiency, and improved competitive positioning against international providers like Starlink, critical attention has focused on the financial mechanics.
This scrutiny stems from the 2015 Settlement Agreement between the Government of Belize and Ashcroft-affiliated entities, subsequently reviewed by the Caribbean Court of Justice (CCJ). Judicial examinations revealed that the settlement permitted significant reductions in compensation destined for Belize through broadly interpreted ‘liabilities’—encompassing not merely legal expenses but also internal corporate lending and financing costs.
The CCJ determined that the agreement’s wording enabled Ashcroft-controlled entities to claim substantial expenses against funds originally intended for national benefit, with the government retaining no veto power over liability calculations. Financial analysts now warn that the Speednet sale could establish similar conditions for expense deductions, particularly given the loan note payment structure that creates extended financial flows between BTL and the Trust.
Critics identify persistent vulnerabilities including intentionally vague financial terminology, inadequate oversight mechanisms, and structural incentives to maximize claimed costs. These concerns carry particular significance given BTL’s status as a major public utility and telecommunications provider.
Regulatory responsibility for monitoring the transaction’s execution falls primarily to the Public Utilities Commission, which will oversee pricing and service quality considerations. However, transparency advocates argue that without enhanced safeguards and financial oversight, Belize risks repeating scenarios where substantial sums pass through complex corporate structures while delivering minimal public benefit.