BELIZE CITY – A controversial $80 million acquisition proposal by Belize Telemedia Limited (BTL) to purchase Speednet has ignited national debate, with former CEO Anwar Barrow casting doubt on the likelihood of financial transparency surrounding the deal.
Speaking at a Civic Fellowship Academy panel on Wednesday, Barrow delivered a sobering assessment of the public’s ability to obtain detailed financial justification for the massive telecommunications merger. The former executive suggested that Belizean citizens should not expect comprehensive disclosure of the financial rationale behind the acquisition, despite the government’s majority ownership stake in BTL and the involvement of Social Security funds.
‘The fundamental question isn’t purely financial,’ Barrow stated. ‘It revolves around whether this consolidation will ultimately benefit the market and consumers.’ He acknowledged public concerns about reduced choice in the telecommunications sector, noting that the merger would effectively shrink the market from two major providers to a single dominant entity.
Barrow elaborated on the legal limitations facing taxpayers seeking financial transparency, explaining that while the government owns substantial shares in BTL, the pathway to disclosure remains ‘indirect.’ He further addressed potential financial risks, indicating no automatic mechanism would require government intervention should the acquisition fail to deliver expected returns.
The emerging controversy transcends typical business negotiations, evolving into a broader examination of corporate governance, public accountability, and the ethical responsibilities of government-backed enterprises when executing major financial transactions affecting national infrastructure.