TODAY WE MEET TO FORMALISE AN HISTORIC AGREEMENT UNDER WHICH THE MAJORITY ECONOMIC INTEREST IN BTC WILL ONCE AGAIN REST WITH THE BAHAMIAN PEOPLE. LET ME SAY RIGHT FROM THE OUTSET THAT THIS RE-GAINING OF THE MAJORITY ECONOMIC INTEREST IN BTC WILL NOT COST THE GOVERNMENT OR THE PEOPLE OF THE BAHAMAS ONE SINGLE CENT – NOT ONE! ON THE CONTRARY, THE GOVERNMENT HAS BEEN ABLE TO AMICABLY SECURE THE RETURN OF THE MAJORITY ECONOMIC INTEREST IN BTC WITHOUT HAVING TO PAY ANYTHING FOR IT, AND I SHOULD ADD, WITHOUT HAVING TO MAKE ANY DEALS TO GET IT DONE EITHER! IN PARTICULAR, THERE WILL BE NO EXTENSION OF BTC’S MONOPOLY AND NO POSTPONEMENT OF THE LIBERALIZATION OF THE TELECOMMUNICATIONS SECTOR. LET US BE VERY CLEAR ABOUT THIS THEN. WE HAVE NOT PAID, AND WILL NOT HAVE TO PAY, FOR THE RE-ACQUIRED SHARES IN ANY FORM OR FASHION. SO, IN FINANCIAL TERMS, THIS IS A WIN-WIN FOR THE GOVERNMENT AND PEOPLE OF THE BAHAMAS. I SAY WHAT I HAVE JUST SAID UP-FRONT SO THAT ALL THE NAYSAYERS OUT THERE WHO WERE SAYING THAT WE WERE WASTING OUR TIME, AND THAT WE WERE GOING TO HAVE TO PAY HUGE SUMS AND/OR CRIPPLING PENALTIES … WELL… WHAT ARE THEY GOING TO SAY NOW? THEY HAVE ALL BEEN PROVED WRONG, DEAD WRONG! TO PUT TODAY’S AGREEMENT IN HISTORICAL PERSPECTIVE, IT WILL BE RECALLED THAT UP UNTIL 2011, BTC WAS 100% OWNED BY THE BAHAMIAN PEOPLE. IN 2011, HOWEVER, THE THEN GOVERNMENT SOLD A 51% MAJORITY INTEREST IN BTC TO CABLE AND WIRELESS COMMUNICATIONS (CWC), THE UNITED KINGDOM-BASED MULTI-NATIONAL TELECOMMUNICATIONS CONGLOMERATE. I AM HAPPY TO CONFIRM TODAY, HOWEVER, THAT FOLLOWING MANY MONTHS OF DISCUSSION WITH CWC, WE HAVE ARRIVED AT AN AGREEMENT WHICH WILL, AS I HAVE SAID, RETURN THE MAJORITY ECONOMIC INTEREST IN BTC TO THE BAHAMIAN PEOPLE AND ON TERMS THAT WILL NOT COST THE BAHAMIAN TAXPAYER ANYTHING. I SHOULD LIKE TO TAKE PUBLIC NOTE OF THE FACT THAT THE DISCUSSIONS THAT HAVE NOW CULMINATED IN THIS HISTORIC AGREEMENT WERE CARRIED OUT WITH THE UTMOST CORDIALITY AND ON A COMPLETELY VOLUNTARY BASIS, WITHOUT THREAT OR COMPULSION ON EITHER SIDE.
Posted on: Mon, 27 Jan 2014 00:03:09 +0000
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