The Social Security Board of Belize has postponed its verdict on Belize Telemedia Limited’s proposed acquisition of Speednet for the second time, citing insufficient information for a final determination. Board members convened in Belmopan on Wednesday, relocating from their Belize City headquarters due to a planned UDP demonstration, to scrutinize the transaction’s particulars.
During the session, officials examined SSB’s substantial financial exposure in the deal, given the board’s existing ownership of over 34% of BTL shares. No formal vote was conducted as members unanimously agreed that additional clarification and comprehensive analysis were imperative before reaching any conclusion. The board confirmed that no approval has been granted for the telecommunications merger.
This development marks the second deferral following the January 9 resignation of former SSB Chairperson Chandra Nisbet-Cansino, who reportedly opposed the acquisition as the board’s representative on BTL. Current board members have expressed similar reservations, with one official stating unequivocally that ‘members want more information.’
The National Trade Union Congress of Belize has amplified these concerns, asserting in a pre-protest statement that there has been inadequate disclosure or meaningful consultation with contributors whose funds are potentially at risk. The NTUCB maintains that SSB should publicly oppose the transaction until complete due diligence is performed and contributor concerns are satisfactorily addressed.