A proposed $80 million acquisition by Belize Telecommunications Limited (BTL) to purchase Speednet is facing mounting legal and financial challenges from prominent figures. Former BTL CEO Anwar Barrow has declared that Belizeans should not anticipate a transparent financial justification for the substantial deal. Simultaneously, attorney Darrell Bradley is raising fundamental legal objections, asserting the transaction may violate the Belize Telecommunications Act by bypassing mandatory regulatory procedures.
The controversy centers on significant concerns over regulatory oversight and public transparency. Bradley emphasizes that any legitimate merger must be initiated through a formal application to the Public Utilities Commission (PUC), a process designed to include public commentary as required by law. He criticizes the current trajectory, noting that the deal came to light through media and trade union inquiries rather than through proper, regulator-led channels. This approach, he argues, sidesteps essential democratic safeguards.
Further compounding the issue are profound concerns about potential conflicts of interest in Belize’s compact business landscape. Bradley questions the absence of an independent valuation of Speednet, the mechanisms to ensure an arm’s-length transaction, and the overall representation of the Belizean public’s interest in a deal involving powerful domestic players. The escalating debate now places a critical question at the forefront: in this multi-million dollar negotiation, who is truly advocating for the citizens of Belize?