BELIZE CITY – In a significant development for Belize’s telecommunications landscape, the National Trade Union Congress of Belize (NTUCB) has formally opposed the acquisition of Speednet (SMART) by Belize Telemedia Limited (BTL). The labor union’s decisive vote against the merger follows extensive consultations with stakeholders and raises substantial concerns about market competition, financial transparency, and public interest.
NTUCB President Ella Waight emphasized the deliberative nature of the union’s position, stating the decision emerged from weeks of comprehensive engagement with various entities including the Belize Chamber of Commerce and Industry, social partners, opposition groups, and media representatives. The union’s General Council, comprising delegates from 11 affiliated unions, concluded its assessment with a Saturday meeting that resulted in a firm rejection of the proposed transaction.
Central to the union’s objections are multiple risk factors: potential devaluation of Social Security Board investments (which holds 33% ownership in BTL), possible job losses, taxpayer implications, and consumer impact. The reported $80 million acquisition price has drawn particular scrutiny, with Waight characterizing the figure as ‘difficult to swallow’ given numerous unresolved questions about the valuation methodology.
Transparency deficiencies form a critical component of the union’s opposition. The NTUCB highlights that SMART’s valuation was conducted by a firm with existing connections to BTL’s board and compensated by BTL itself—arrangements that potentially compromise assessment objectivity. The labor organization insists an independent, accredited valuation firm should evaluate both financial assets and customer base value to ensure fairness.
Waight indicated the union’s position remains conditional, noting ‘We’re not saying no forever; we’re saying no for now.’ The NTUCB maintains openness to reconsideration provided sufficient information emerges through proper public consultation processes. The union leader criticized the accelerated timeline of the merger proceedings, urging stakeholders to ‘slow down’ and allow adequate public disclosure and discussion.
The potential return to monopoly conditions represents another fundamental concern. With BTL already dominating the telecommunications market, absorbing SMART would essentially eliminate meaningful competition—a scenario that potentially violates Belize’s Telecommunications Act provisions prohibiting mergers that substantially lessen competition. The union notes no compelling evidence has been presented demonstrating public benefit from the consolidation.