Prime Minister's Introduction of Bill to have Government assume control of Belize Telemedia Ltd.
http://www.governmentofbelize.gov.bz/press_release_details.php?pr_id=5613

Super , this should be interesting.

Shaping up to the fight of the century.

It passed this morning after 3 sittings of the House. BTL ran very well before Ashcroft took control and many Belizeans sent their kids to college on money made from BTL stock. Great!

I must say, BTL service has been disgraceful the last year. I really hate what the government is doing now, but I think they have no other choice.

It passed??? I'll have to read the bill to really see what this means, but when do they take control and what is Ashcroft's recourse?

I see. Just read through the whole document.

House passed today. If it passes Senate tomorrow then it could be law by Wednesday and from the sound of it they will assume control immediately.

Does anyone familiar with the Belize Constitution know what the recourse for Ashcroft would be in this situation? Does he take it to the courts and work his way up to the London Court of International Arbitration? It sounds like he has a lot of friends there and might be a long drawn out situation for everyone.

Governor General has to sign on Wednesday to make it law. Ashcroft can contest his case in the Belize Supreme Court.

I would be one of the last to defend BTL. But, keep in mind when we complain about the cost, 24.5% of that is a tax paid to GOB. Choosing between an Aschroft run company and GOB run company does not leave for a good choice.

"According to Telemedia, there is no public purpose to the Government’s actions since the utility company has been providing a high standard of services at competitive prices while it has been paying a whopping twenty-four point five percent in business taxes to the government treasury."

I am pretty sure their statement about "providing a high standard of service at competitive prices" is not agreed to by it's customers.

I'm excited just to see the authority of a British Lord capitalizing from a common wealth get stuck in the backside.
I have a bad attitude towards authority, I'm told :-)

I'm in complete agreement and would have rather seen the GOB induce true competition to force BTL into good practices.

However, on the plus side, this does not look like it will be a GOB run company. They say they are selling 51% to belizean citizens and 49% to anyone that wants to buy it with some limit to no one person owning more than x% (I think 25%).

While I don't support the government forcing taking over a private business, I'm happy that they are at least going to be placing it right back into the private sector.

I'm working on the wife now to let me get some of that BTL ownership goodness.

This sounds to me like GOB runing the company.

"At that time the new, Government-appointed Board of Directors will assume operational control over Telemedia, and the re-Belizeanization of the company will be complete."

From reading the Barrow's statement, that is a temporary measure until stock can be sold off, 51% guaranteed to Belizean Citizens with protections for maximum allowed ownership interest. And the current non-ashcroft owners (5% IIRC) remain.

Once the stock is sold off, the new owners of the company would be permitted to oust the government appointees from the board.

Like I said, not ideal, but better than a permanently or long-term government run BTL.

Here's what I'm reading:



And Barrow further stated on Chanel 7 News:



and then he was challenged: