Belize’s Prime Minister John Briceño has mandated an immediate suspension of negotiations concerning Belize Telemedia Limited’s proposed takeover of SpeedNet (SMART). The directive was formally announced in the House of Representatives by Michel Chebat, Minister of Public Utilities, emphasizing the need for enhanced public involvement and strict adherence to legal protocols.
Minister Chebat clarified that this interim suspension aims to create space for transparent and constructive dialogue between stakeholders and the general public. Additionally, it ensures that all regulatory procedures are meticulously observed before any potential transaction advances.
The proposed acquisition must undergo rigorous scrutiny by the Public Utilities Commission (PUC), the autonomous entity overseeing the utilities sector. A formal evaluation by the PUC will commence only if the Boards of both the Social Security Board and BTL greenlight the acquisition. This assessment will involve comprehensive analysis of competitive impacts, consumer options, service standards, pricing structures, and long-term industry viability.
Concurrently, the PUC has initiated an independent investigation into BTL’s market dominance. The regulator stands ready to implement new protective measures for consumers if deemed necessary, irrespective of the acquisition’s outcome.
Minister Chebat reinforced the government’s commitment to preserving the regulatory framework’s integrity, stating that the primary objective remains securing tangible benefits for the citizens of Belize.