The Tribune

YOUR SAY

By RICK LOWE

Franklyn Wilson, PLP negotiator for the proposed government nationalisation of BTC, a company only privatised in early 2011, conceded to Tribune Business recently that “foreign developers and lenders are increasingly including ‘political risk’ in their assessments of whether to invest in the Bahamas…”

One of the owners of Arawak Homes and Sunshine Insurance, Mr. Wilson confirms he’s even heard how this nationalisation of the phone company will damage the country’s reputation from “a major international banker”.

Of course, as is typical in matters like this, they allege similar transgressions by other political groups/leaders to justify it as Mr Wilson has done with the former government renogotiating land deals with developers.

Supporters of this dangerous move to nationalise BTC are presenting Belize as a positive inspiration for reclaiming BTC as they re-nationalised their phone company. According to The Belize Times, their country is “becoming an investor’s destination of last resort” and its economy is in tatters.

I would not think Mr Wilson and PLP want to replicate what is happening in Belize?

Mr Wilson went on to advise the press that that their “negotiating committee” will proceed in a manner so as not to damage the “Government’s investment reputation” even suggesting that the Prime Minister’s personality is seen as “calm” and someone who “will not be reckless” as if that makes forcing a company out acceptable operating procedure for the government.

As I was reminded, Mr Christie did say his government “would pursue all legal possibilities” of re-nationalising BTC, so this could be why Mr Wilson seems to be hedging his bets at success.

Even demanding BTC come to a meeting to discuss this is a dangerous precedent and should be embarrassing to all reasonable Bahamians. In fact, I wonder what Mr Wilson’s position would be if the former or current government had tried to nationalise his businesses?

In the final, hedging their bets is the right thing for the PLP to do in this case. We should lick whatever perceived wounds there are with the BTC privatisation, and move on with opening the cellular business up to competition when BTC’s monopoly runs out.