The Nassau Guardian
Minnis: BTC deal changes nothing
The government’s deal to reacquire majority shares in the Bahamas Telecommunications Company (BTC) is a “shameful and cynical betrayal” of Prime Minister Perry Christie’s campaign promise, Free National Movement (FNM) Leader Dr. Hubert Minnis said yesterday.
But Progressive Liberal Party (PLP) Chairman Bradley Roberts responded, inviting the detractors of the government to “eat crow, to do so liberally and to choke on it”.
At a press conference at FNM headquarters, Minnis said, “Last night’s press conference was nothing short of a national embarrassment.
“After promising on the campaign trail to regain the majority of the shares in BTC, the prime minister tried to create the illusion that he has delivered a new deal.
“We have gotten nothing new out of this arrangement.”
At a press conference on Wednesday night, Christie said his government negotiated a deal with Cable & Wireless Communications (CWC) to give up two percent of its shares in BTC at no cost to the government or the Bahamian people.
Christie and CWC CEO Phil Bentley signed off on what the prime minister called an “historic” agreement.
Under the terms of the deal, CWC will transfer 5,093,200 of its shares to the government to be held in a trust for the Bahamian people.
The shares will be non-voting shares and the share transfer will not involve any change in BTC’s existing arrangement, Christie said. The deal will not change BTC’s management structure, he said, adding that BTC’s executive control will remain in the hands of CWC. Christie said the deal is a “win, win” for the government and the country and hit out at critics.
In a statement, CWC said, “When all transfers are completed, CWC will hold a marginally larger number of BTC shares than the government.”
Roberts praised the government for regaining majority shares in BTC.
“In the end, this pursuit was not a fool’s errand; it was not a waste of time, nor was it a chase after an elusive rainbow as some have gloated,” he said in a statement.
“There was indeed a pot of gold at the end of the rainbow payable to the Bahamian people in perpetuity. The value and national developmental benefits for our youth are incalculable.“
THE BAD DEAL
Minnis also hit out at Senator Frank Smith who had said that CWC was “raping” Bahamians with its cell fees.
On June, 20, 2012, Smith said in the Senate that he had no confidence in CWC.
“The lead negotiator, Franklyn Wilson, also claimed that there was evidence that the FNM made a bad deal,” Minnis said.
“If the FNM made a bad deal, Christie has now made an even worse deal.
“Now, for the PLP, there has been a change of heart and CWC [is] now trustworthy. What they did not admit was that the FNM got it right in the first place. Their so-called new deal is nothing less than full confirmation of the integrity of the FNM’s position.”
During the press conference on Wednesday night, Wilson said he has developed “trust” in CWC.
Wilson said his previous statements were not meant to implicate CWC in any wrongdoing.
PULL-OUT QUOTE
“After promising on the campaign trail to regain the majority of the shares in BTC, the prime minister tried to create the illusion that he has delivered a new deal. We have gotten nothing new out of this arrangement.”
— HUBERT MINNIS
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