By NATARIO McKENZIE
Tribune Business Reporter
nmckenzie@tribunemedia.net
PRIME Minister Perry Christie yesterday said his administration remained committed to "exploring all lawful means" to recover majority ownership of the Bahamas Telecommunications Corporation (BTC) from Cable & Wireless Communications (CWC) for the Bahamian people.
During his 2012-2013 Budget presentation, the Prime Minister said: "We remain faithful to our commitment to explore all lawful means by which majority ownership of BTC can be restored to the Government and the Bahamian people.
"We will very shortly arrange a timetable for discussions that we propose to undertake in this regard with the present owners of the majority stake in BTC and other interested stakeholders."
Mr Christie has himself taken responsibility for the Government's relations with BTC, placing that within the Office of the Prime Minister's portfolio.
He further explained his administration's position on the issue following the Budget address. Mr Christie said: "The reason why I indicated that we would announce a timetable for discussions is because, quite frankly, I can't cause a discussion to take place before I sit with those persons who represent the owners of the majority shares."
He added: "With respect to our approach to it, it was important for me to say that the PLP has not changed its position. We have not retreated from it, and we will move forward on it and, therefore, we have to take what is said as a literal understanding; that we intend to, at the earliest convenience, initiate discussions with the ownership of the majority shares in BTC, with a view to the ultimate objective of recovering what would enable us to have the majority interest on behalf of the Bahamian people."
BTC's majority owner recently said it did not "anticipate significant problems" with the newly-elected Progressive Liberal Party (PLP) government.
Tony Rice, the London-based Cable & Wireless Communications' (CWC) chief executive, said that despite the change in government in the Bahamas, the "underlying driver" for the Christie administration - as it had been for the FNM - was that BTC provided the right infrastructure, services and prices to benefit its customers and the wider economy.
Comments
TalRussell 11 years, 11 months ago
PM Christie bear in mind that this was not a business deal done between to corporations, meaning that both sides dealt in their own best interests. First step is to conduct an audit over how this sale was brought about and then completed. The new owners of BTC should have been smart enough to heed the warnings in advance of their buying BTC in a political deal, that if the PLP were returned to office they would be revisiting this deal.
by TalRussell
242 11 years, 11 months ago
goodbye to innovation and new technology. good job Perry. lets us renegotiate and eliminate progress. "for the people". cuz perry know the pwople hate smartphones n 3G
spoitier 11 years, 11 months ago
Whether it is a bad deal or not, a new government shouldn't be in the business of trying to void a previous deal, it is not good for business unless it is extreme. No investors would want to invest in the Bahamas knowing that when a new government come in they would void an old deal, especially in these times when it is unlikely that a party will have two terms.
1plpgovernment 11 years, 11 months ago
by 1plpgovernment
1plpgovernment 11 years, 11 months ago
We know how to deal. PLP all the way!!!!!!!!!!!!!!
appleinvest 11 years, 11 months ago
I understand that the PLP Government wants to implement new policies and to look out for the People of the Bahamas. As i can see it Cable & Wireless is one of the worst in telecommunication which VodaFone just bought them this year (2012) and Vodafone is not at the top it self! i think that the People of the Bahamas are too have the majority of shares in BTC it gives its people more confidence in their own Nation and too do business instead of inspecting Foreign Investors to come too it! As to pose that CWC is a Canadian Based company and it seems as if the UBP has put there people back in place ! Please note that Brookfield Asset Management that took over Atlantis is also a Canadian Based as well and Cable & Wireless! It would've been best if we have gotten Verizon Wireless, AT & T or Sprint to have the remaining shares to oppose of CWC.
242 11 years, 11 months ago
cwc is london based.
notsogullible 11 years, 11 months ago
Way to go PGC. Your style of ridding the country of foreigners is purely ingenious. Get rid of the foreign investors here, which will in turn discourage future foreign investors and tada ... a foreign investment free Bahamas ... Congratulations! All the waaaaaaaaaaaay!!
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