BCCI says it did not refuse Cabinet meeting on Speednet deal, requests new date before August 18 decision

By Breaking Belize News Staff: The Belize Chamber of Commerce and Industry (BCCI) is pushing back against any suggestion that it refused an invitation to meet with Cabinet over Belize Telemedia Limited’s proposed acquisition of Speednet Communications Limited, saying its leadership is temporarily unavailable because of prior official commitments overseas.

In a statement issued on Wednesday night, the Chamber said it has “neither declined nor expressed an unwillingness” to meet with Cabinet and remains fully prepared to engage on the controversial proposed acquisition.

According to BCCI, both its President and Chief Executive Officer are part of the official Belize delegation currently in El Salvador and are committed there through Friday, August 14. The delegation, which includes Government and private-sector representatives, is attending the formal signing of the Belize–El Salvador Partial Scope Agreement aimed at expanding regional trade opportunities for Belizean businesses.

As a result, the Chamber said it requested that the proposed Thursday, August 13 Cabinet meeting be briefly rescheduled, insisting that its inability to attend on that particular date should not be portrayed as an unwillingness to participate.

Cabinet began hearing presentations on the Speednet acquisition on Tuesday from BTL, the Public Utilities Commission and the Belize Social Security Board. Government subsequently announced that the BCCI and National Trade Union Congress of Belize would be invited to make presentations on Thursday, ahead of Cabinet’s planned deliberations and decision on Tuesday, August 18.

The four Social Partners — BCCI, NTUCB, the Belize Network of NGOs and the National Evangelical Association of Belize — had earlier taken the position that all four groups should be represented in any Cabinet discussions. They also maintained that requested information, including financial and valuation information surrounding the acquisition, remained outstanding.

BCCI now says there is still sufficient time for meaningful consultation before Cabinet makes its final determination, stating that it is prepared to meet alongside the other Social Partners at any mutually agreeable time before August 18.

The Chamber also stressed that its substantive position on the proposed acquisition has not changed. It says concerns surrounding market competition, transparency, governance, regulatory oversight and the wider public interest remain unanswered.

BCCI has been one of the most vocal opponents of the acquisition in its present form, previously warning that the transaction could have major implications for competition and public funds.

BTL is seeking to acquire 100 percent of Speednet, operator of SMART, in a transaction valued at approximately $80 million. The BTL Board has approved moving the proposed acquisition forward, subject to continued due diligence, while Cabinet has said it intends to reach its position after hearing from the various stakeholders.

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