分类： business

A significant corporate governance crisis has emerged in Belize’s telecommunications sector following the resignation of Social Security Board Chair Chandra Nisbet-Cansino from the board of Belize Telemedia Limited (BTL). The resignation, confirmed by News Five on January 9, 2026, stems from opposition to a proposed acquisition plan that has triggered widespread concern about financial risk management and transparency.

The situation has escalated with the National Trade Union Congress of Belize (NTUCB) issuing strong warnings about the potential jeopardy to workers’ pension funds. With the Social Security Board holding a substantial thirty-six percent stake in BTL, the union body emphasizes that workers’ contributions should not be exposed to speculative ventures lacking proper valuation, transparency, and parliamentary oversight.

NTUCB President Ella Waight and General Secretary Timothy Dami revealed concerning details about their recent meeting with Prime Minister Briceño, noting that the acquisition plan was never discussed during their lengthy conversation. Both union leaders expressed frustration at the administration’s failure to address their concerns despite the significant implications for national pension funds.

The controversy deepened as BTL’s board meeting to consider the acquisition was reportedly deferred due to absent members, with indications that a second board member may have resigned following Nisbet-Cansino’s departure. Union representatives have highlighted the particular risk of acquiring what they characterize as ‘dying industries’ in the current technological landscape, with Dami questioning the logic of investing in cable services in 2025.

The NTUCB has formally demanded an immediate halt to acquisition proceedings, full disclosure of beneficial ownership, and a transparent national consultation process. The organization has already begun mobilizing its membership in response to what it perceives as a threat to the financial security of Belizean workers.

A coalition of Independent Senators in Belize has formally demanded an immediate suspension of the proposed acquisition of Belize Telemedia Limited (BTL) commercial interests, escalating concerns about potential market domination in the nation’s telecommunications sector. The diverse group—representing business, religious, non-governmental, and labor interests—issued a joint statement aligning with earlier objections raised by both the National Trade Union Congress of Belize and the Belize Chamber of Commerce and Industry (BCCI).

The senators emphasized that the transaction requires comprehensive independent valuations and full transparency regarding its justification before any regulatory approvals proceed. Their primary concern centers on the deal potentially creating a telecommunications monopoly that could disadvantage consumers and undermine market competition.

This political development follows Thursday’s press conference where BCCI President Giacomo Sanchez articulated the business community’s position. While not outright rejecting the acquisition, Sanchez emphasized that robust legislative safeguards must precede any further discussions. He specifically highlighted concerns about asset evaluation and the need to prevent future ‘flipping’ of the telecommunications provider.

Sanchez stated: ‘If proper evaluation reveals the acquired assets are in a retrograde position, we would effectively be moving backward. However, if these represent suitable assets, viability exists. Our opposition isn’t to the transaction per se, but to the current structure which lacks sufficient guardrails against future ownership fluctuations of BTL.’

The converging opposition from civil, business, and political sectors creates significant pressure on regulators to implement comprehensive legislation before considering the acquisition’s progression.

In a robust defense of his company’s expansion strategy, BTL Chairman Markhelm Lizarraga has characterized the telecommunications provider’s acquisition push as an economic imperative rather than merely competitive consolidation. The executive’s comments come amid mounting scrutiny regarding market transparency and competition concerns within the sector.

Lizarraga articulated that BTL’s substantial investment of approximately $100 million in fiber-to-the-home infrastructure has created a comprehensive network backbone reaching 85-90% of households nationwide. This existing infrastructure, he argued, positions the company to efficiently integrate smaller providers who primarily manage the ‘last mile’ connections to individual homes.

‘The fundamental economic rationale revolves around eliminating redundant infrastructure duplication,’ Lizarraga explained. ‘We’ve already deployed the primary pipeline infrastructure throughout communities. Many smaller operators utilize these pathways for their final connection services. Our acquisition strategy focuses on obtaining established customer bases and their accompanying cash flows rather than constructing competing infrastructure.’

The Chairman emphasized that this approach maximizes the utility of BTL’s existing capital investments while generating necessary revenue to maintain and expand essential service infrastructure. ‘We’re essentially purchasing customer relationships and sustainable revenue streams to optimize our current network capacity,’ Lizarraga stated. ‘This economic model ensures we can continue providing robust telecommunications services without wasteful infrastructure duplication.’

BTL Chairman Markhelm Lizarraga has publicly addressed growing concerns regarding the company’s lack of transparency in ongoing business negotiations, citing binding non-disclosure agreements as the primary constraint. Speaking on January 9, 2026, Lizarraga emphasized that while the press has circulated potentially inaccurate information, BTL remains legally prohibited from discussing specifics due to its status as a private company engaged in confidential dealings with other private entities.

The chairman explained that all company directors are bound by strict NDAs that prevent disclosure of negotiation details, though he attempted to provide context about the process without violating confidentiality. Lizarraga assured stakeholders that once negotiations conclude, BTL will provide full disclosure of the outcomes. His remarks highlighted the tension between corporate privacy requirements and public demand for transparency, particularly noting his wish that media organizations were similarly bound by non-disclosure agreements.

The statement comes amid increasing public scrutiny of BTL’s operations and follows recent developments including Zach Reich’s withdrawn complaint, though the chairman did not directly address whether these events were connected to the current negotiations. Lizarraga concluded by asking for understanding and respect for the confidential nature of the proceedings while promising future transparency upon completion of the process.

Belize’s crucial sugar industry is preparing to commence operations on January 19th following a critical one-year extension of the Commercial Agreement between the Belize Sugar Cane Farmers Association (BSCFA) and Belize Sugar Industries. This development brings much-needed clarity to agricultural stakeholders after a period of severe challenges that brought the nation’s sugar sector to the verge of collapse.

The upcoming season signals potential recovery after multiple compounding difficulties including climate change impacts, persistent crop diseases, and mounting operational pressures that have severely affected production. Last season’s harvest was particularly devastated by fusarium, a destructive fungal pathogen that substantially diminished yields and placed enormous financial strain on local farmers.

Industry leadership expresses cautious optimism about the forthcoming season. Alfredo Ortega, Vice-Chairman of the BSCFA, noted that early interventions implemented in August have significantly reduced the severity of fusarium’s impact compared to the previous year when the damage was identified too late in October. Farmers anticipate both increased cane volume and improved quality this season.

Final preparations are currently underway across the production chain. While farmers report readiness in the fields, attention now turns to infrastructure with the condition of sugar roads remaining a concern. Salvador Martin, BSCFA Chairman, emphasized that the tentative start date depends on successful steam trials at the milling facility and government action on road maintenance. Provided these final requirements are met, rows of cane trucks are expected to begin lining up at Tower Hill on the scheduled date, marking a hopeful new beginning for Belize’s agricultural economy.