分类： business

BELIZE CITY – A major corporate acquisition faces mounting opposition as Belize Telemedia Limited (BTL) moves toward a decisive vote on its proposed takeover of Speednet. With the board reportedly preparing to decide as early as Tuesday, January 27th, 2026, the Belize Chamber of Commerce and Industry (BCCI) has issued a formal demand for government intervention.

The Chamber’s strongly-worded statement calls on the government, which holds controlling interest in BTL, to halt any binding decisions until comprehensive stakeholder consultations occur. BCCI representatives have secured a meeting with BTL management scheduled for Wednesday, but express deep concern that a board vote preceding this dialogue would render their engagement merely ceremonial.

BCCI President Giacomo Sanchez conveyed the business community’s apprehension in exclusive comments to News Five, stating that reports of provisional approval being advanced without proper discourse remain deeply troubling. Sanchez emphasized that transactions of this magnitude, carrying significant implications for market competition, public expenditure, and consumer welfare, demand absolute transparency and inclusive decision-making processes.

The escalating controversy highlights fundamental questions about corporate governance and public accountability. Sanchez warned that proceeding without genuine consultation risks eroding public trust and established governance standards, potentially setting concerning precedents for future state-involved business transactions.

In a significant development within Belize’s telecommunications sector, the National Trade Union Congress of Belize (NTUCB) has formally declared its opposition to the proposed acquisition of Speednet by Belize Telemedia Limited (BTL). The union’s position comes with a clear mandate from its membership, following a decisive vote during recent consultations with affiliate organizations.

NTUCB President Ella Waight confirmed that the membership vote resulted in a strong rejection of the merger proposal, with the union now demanding an immediate suspension of the acquisition process. The organization warns that proceeding without comprehensive regulatory approval and an independent business valuation could jeopardize Belize’s entire telecommunications infrastructure and create dangerous market concentration.

According to Waight, the vote against the acquisition was based on multiple critical concerns raised during membership consultations. Primary among these was the potential risk to Social Security Board dividends, given the board’s substantial 33% ownership stake in BTL. Members also expressed apprehension about how market consolidation would affect customers of both BTL and Smart services, alongside broader implications for Belizean taxpayers and telecommunications workers.

The union president highlighted additional concerns about media freedom, noting that telecommunications monopolies could potentially compromise independent journalism through controlled access to communication channels. Waight particularly emphasized the questionable $80 million price tag associated with the acquisition, describing it as difficult to justify without transparent financial documentation.

The NTUCB’s position emerged from what Waight characterized as insufficient information and unsatisfactory responses to stakeholder questions during consultation processes. The organization now calls for a deliberate slowdown of the acquisition process to allow for proper public disclosure and thorough regulatory examination, arguing that Belize cannot afford to gamble with such crucial national infrastructure.

The Belize Chamber of Commerce and Industry (BCCI) has formally called upon the Government of Belize to immediately suspend the impending acquisition of Speednet Communications (SMART) by Belize Telemedia Limited (BTL). This urgent intervention comes amid revelations that BTL’s board plans to conduct a decisive vote on the merger agreement as early as Tuesday, January 26, 2026.

In an official statement released today, the BCCI emphasized that the government, serving as BTL’s controlling shareholder, possesses both the authority and responsibility to halt any binding board decisions until comprehensive stakeholder consultations are conducted. The Chamber has secured a scheduled meeting with BTL representatives for Wednesday, but strongly cautioned that any pre-meeting decision would render the engagement meaningless and demonstrate “profound disregard” for legitimate business community concerns.

BCCI President Giacomo Sanchez expressed deep concern about indications that early approval might be pursued without proper dialogue. “We align with the concerns raised by our social partners and reiterate that decisions of this magnitude—particularly those with implications for competition, public funds, and consumers—must be informed, transparent, inclusive, and not rushed,” Sanchez stated in his official communication to News Five.

The Chamber’s intervention significantly amplifies growing opposition to the telecommunications merger, joining previously vocalized objections from labor unions and civil society organizations. Sanchez further warned that proceeding without appropriate stakeholder engagement risks eroding public confidence and violating fundamental principles of good corporate governance. This development marks a critical juncture in one of Belize’s most significant potential telecommunications industry consolidations, with implications for market competition, consumer choice, and national economic policy.

BELIZE CITY – In a significant development for Belize’s telecommunications landscape, the National Trade Union Congress of Belize (NTUCB) has formally opposed the acquisition of Speednet (SMART) by Belize Telemedia Limited (BTL). The labor union’s decisive vote against the merger follows extensive consultations with stakeholders and raises substantial concerns about market competition, financial transparency, and public interest.

NTUCB President Ella Waight emphasized the deliberative nature of the union’s position, stating the decision emerged from weeks of comprehensive engagement with various entities including the Belize Chamber of Commerce and Industry, social partners, opposition groups, and media representatives. The union’s General Council, comprising delegates from 11 affiliated unions, concluded its assessment with a Saturday meeting that resulted in a firm rejection of the proposed transaction.

Central to the union’s objections are multiple risk factors: potential devaluation of Social Security Board investments (which holds 33% ownership in BTL), possible job losses, taxpayer implications, and consumer impact. The reported $80 million acquisition price has drawn particular scrutiny, with Waight characterizing the figure as ‘difficult to swallow’ given numerous unresolved questions about the valuation methodology.

Transparency deficiencies form a critical component of the union’s opposition. The NTUCB highlights that SMART’s valuation was conducted by a firm with existing connections to BTL’s board and compensated by BTL itself—arrangements that potentially compromise assessment objectivity. The labor organization insists an independent, accredited valuation firm should evaluate both financial assets and customer base value to ensure fairness.

Waight indicated the union’s position remains conditional, noting ‘We’re not saying no forever; we’re saying no for now.’ The NTUCB maintains openness to reconsideration provided sufficient information emerges through proper public consultation processes. The union leader criticized the accelerated timeline of the merger proceedings, urging stakeholders to ‘slow down’ and allow adequate public disclosure and discussion.

The potential return to monopoly conditions represents another fundamental concern. With BTL already dominating the telecommunications market, absorbing SMART would essentially eliminate meaningful competition—a scenario that potentially violates Belize’s Telecommunications Act provisions prohibiting mergers that substantially lessen competition. The union notes no compelling evidence has been presented demonstrating public benefit from the consolidation.