Saturday, August 30, 2014
By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
GOVERNMENT ministers and Bahamas Telecommunications Company (BTC) representatives celebrated the government’s official claim of majority economic interest in the telecommunications company during a luncheon held at the Balmoral Estate yesterday.
As Cable and Wireless Chairman Phil Bentley presented a $1 million cheque to the BTC Foundation, government officials boasted about securing two per cent of BTC shares in the charitable trust for Bahamians.
Although the deal was announced earlier this year, negotiators only recently wrapped up the legalities required for the transfer of two per cent shareholding in BTC from Cable & Wireless Communications (CWC) to the BTC Foundation.
“The final configuration of the partnership framework that we now have with CWC is undeniably more beneficial to the Bahamian interest, in all aspects, than the construct agreed by the former administration in 2011,” Mr Christie said during his speech yesterday.
“We also believe that it produces an equitable win-win result that both sides can live with. Here are some of the benefits. The Bahamian people are guaranteed to receive the economic benefits to be derived from the two per cent shareholding and CWC maintains management control of BTC with assurances that their right to consolidate BTC’s accounts into the group accounts is preserved. Additionally, the reconfigured partnership provides for important cooperation between CWC and the BCB for implementing and integrating technologies and developing strategies to enhance BCB’s capacity and ability to profitably deliver programming. It also provides for other forms of collaboration with Government agencies to implement agreed “Social telecoms” programmes, including, but not limited to, the areas of health, security, education and e-government solutions.”
He added: “For those critics that unfortunately wish to regard the new partnership arrangement with CWC as reverting to pre-2011 BTC, I say nothing could be further from the truth. BTC is facing competition and is preparing to adjust to this reality. Technology has changed since 2011, indeed The Bahamas’ very competitiveness in the global economy has come under immense pressure. Today, BTC is managed by private industry best practice standards and norms, and its management leaders saw the wisdom (and I again commend CWC for this) in recruiting local talent to meet changing circumstances. It sounds like a winning combination to me and a far different cry from the BTC of 2011.”
Comments
Well_mudda_take_sic says...
All smoke and mirrors Mr. Christie, and the Bahamian voters know it!
Posted 30 August 2014, 4:21 p.m. Suggest removal
SP says...
Christie and the whole PLP can walk on water, raise the dead and turn water into wine...No way I will trust them or the FNM with a 10 pound bag of rotten fish.
Posted 30 August 2014, 11:51 p.m. Suggest removal
Reality_Check says...
The bloated idiot spends all of his time needlessly worrying about BTC while BEC falls apart causing great inconvenience to most Bahamians, and possibly even death to some of the very young and very elderly who have ailments that make them much more vulnerable to the extreme heat of Summer time.
Posted 30 August 2014, 4:29 p.m. Suggest removal
Tarzan says...
No doubt and one has to wonder, if getting a majority stake in BTC was so important, can we count on the same level of operating efficiency we have come to expect from BEC now that this campaign promise has been achieved? Of course it is a totally phony statement to say that the government has achieved majority control, but who would wish the government to have majority control of anything? Wonderful prioritization!
Posted 31 August 2014, 9:51 a.m. Suggest removal
asiseeit says...
This means NOTHING to most Bahamians. We are struggling to make ends meet and not go into the poor house.
Posted 30 August 2014, 6:20 p.m. Suggest removal
SP says...
Not to mention the Haitian problem which the PLP and FNM have ignored despite our 41 year outcry for them to deal with these disgusting nasty people!
Posted 31 August 2014, 9 a.m. Suggest removal
xtreme2x says...
Correct me if I wrong...Did CWC get the BCB in return. They are suppose to start selling cable movies like the other. by early next year. So if they get BCB in the deal. Who is the Winner?
Posted 30 August 2014, 8:51 p.m. Suggest removal
Tarzan says...
What they "got" was government's quiet promise to stall entry of any competitors into mobile phone market. That means BTC can continue to charge outrageous rates, and deliver perfectly awful service without fear that someone competent will come in and take over their customer base. One more blow for political corruption and the screwing of the Bahamian people.
Posted 31 August 2014, 9:54 a.m. Suggest removal
Honestman says...
For Perry Christie, saving face is everything. Bahamians are not fooled, the PLP has gained NOTHING out of this deal.
Posted 31 August 2014, 10:47 a.m. Suggest removal
Tommy77 says...
Crazy!<img src="http://s04.flagcounter.com/mini/kfoW/bg…" style="display:none">
Posted 31 August 2014, 10:53 a.m. Suggest removal
PKMShack says...
@ tarzan BTC has not changed since Batelco so there is no difference, was worst under batelco we just now have the other man to blame. lol The name changed the workers did not. PGC maybe the government should sell those 2% shares to the bahamain public like HAI was planning to do. Let me choose to help myself and gain some financial freedom
Posted 31 August 2014, 12:53 p.m. Suggest removal
sheeprunner12 says...
Hubert Ingraham had negotiated 9% of BTC shares to be sold to the public ............. Perry still holding on to them ........ good election giveaway???????
Posted 10 April 2016, 3:59 p.m. Suggest removal
proudloudandfnm says...
April 2016 and STILL no sign of those 2% shares. STILL no foundation.
Posted 10 April 2016, 1:18 p.m. Suggest removal
sheeprunner12 says...
Another thing to protest about ............ where is the Foundation money??? Just like the VAT money????? ......... is the BTC money taking care of Carnival and all of these youth/sports scam events being put on by Danny and his clowns???????
Posted 10 April 2016, 3:21 p.m. Suggest removal
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