Prime Minister John Briceño has addressed mounting public apprehension regarding Belize Telemedia Limited’s proposed acquisition of SpeedNet, asserting that government oversight will safeguard consumer interests and taxpayer investments. The Prime Minister characterized the consolidation as a strategically necessary measure to fortify the national telecommunications provider against impending market challenges.
Responding to allegations that the arrangement constitutes a corporate bailout, Briceño emphasized that such market consolidation represents standard global practice within properly regulated frameworks. “This kind of consolidation happens everywhere, all over the world,” stated Briceño. “In the United States, companies are buying up one another and everything is managed by regulation.”
The Prime Minister highlighted the government’s substantial financial stake in the telecommunications sector, noting taxpayers have invested over $610 million for a majority share in the industry. From BTL’s operational perspective, acquiring the remaining one-third market share would generate operational efficiencies and enhance the company’s capacity to withstand future industry challenges.
Briceño clarified that the government’s implementation of a statutory instrument serves as a regulatory pause mechanism, preventing any transaction progression until appropriate regulatory frameworks are established. The administration maintains that its primary obligation remains protecting both taxpayer funds and Social Security investments while ensuring the telecommunications company acts in its own best corporate interests.