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Bcci Response to Sale of Telemedia Shares Final[1]

Bcci Response to Sale of Telemedia Shares Final[1]

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Published by Lisa Shoman

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Categories:Business/Law
Published by: Lisa Shoman on Oct 01, 2010
Copyright:Attribution Non-commercial

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03/14/2014

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THURSDAY
,
 
S
EPTEMBER
30,
 
2010
 
T
HE
C
HAMBER CALLS FOR PROPER DUE DILIGENCEBEFORE PUBLIC FUNDS ARE INVESTED IN
BTL
 
- For Immediate Release-
The Belize Chamber of Commerce and Industry (BCCI) takes this opportunity to confirm itsposition on the matter of the purchase of Belize Telemedia Ltd. (BTL) Shares by the SocialSecurity Board (SSB).The BCCI is not in principle adverse to any investment opportunity which can potentiallyimprove the viability and longevity of the Social Security fund. However, in discharging ourduties as an SSB Board Member we are guided by the fact that we have a fiduciaryresponsibility to the thousands of Belizeans who are required by law to support the fund, to actresponsibly and with integrity and fidelity in the management of their money.In the matter of the purchase of the BTL shares, the BCCI submits that we have not beenprovided with sufficient information to allow us to act with confidence in a decision to supportthe purchase of Fifty Million dollars ($50M) worth of BTL Shares. While the BCCI agrees thatbased on historical performance BTL may be considered a viable investment opportunity, thefuture of BTL is fraught with uncertainties, which increases the risk for the fund. These concernsmust be neutralized before the BCCI can vote with confidence for the purchase.In addition to the historical performance and the projections provided to facilitate its decisionmaking, the BCCI has asked for the following:1.
 
Legal opinions from three separate attorneys on the legal options available to claimantsthat may directly impede the profitability of BTL and thereby negatively affect SSB
’s
return on Shares purchased;

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