BELIZE CITY – February 3, 2026 – Growing tensions surrounding the proposed acquisition of telecommunications provider Speednet (SMART) by Belize Telemedia Limited (BTL) have sparked planned demonstrations by major labor and political organizations. Both the National Trade Union Congress of Belize (NTUCB) and the United Democratic Party (UDP) are coordinating protests outside the Social Security Board (SSB) headquarters this Wednesday, citing grave concerns over the transaction’s implications for worker contributions.
The controversy centers on SSB’s substantial 34.2% shareholder stake in BTL, which labor representatives argue creates a fiduciary responsibility to protect pension funds. The NTUCB has characterized the board’s silence as ‘acutely concerning’ and indicative of ‘an obvious disregard for the will and sentiments of workers and their contributions to the Fund’ in their latest official communication.
Union leadership has demanded that SSB adopt a ‘public and principled stand’ opposing the acquisition until comprehensive due diligence is finalized and contributor concerns are adequately addressed. The organization specifically warned against allowing ‘corporate or political agendas’ to influence decisions affecting national social security assets.
When contacted by media representatives, SSB officials maintained their position of non-engagement, stating only that the board ‘has not concluded its due diligence process on the proposed investment and is not in a position to comment at this time.’ This response has further fueled criticisms that the institution is avoiding public accountability regarding the potentially transformative telecommunications merger.