Nassau, Bahamas — Bahamas Press is following up on the sale of BTC as we are curious as to why lead FNM negotiators have lit a fire sale on the Corporation.
This week, BP broke the news that BTC would be sold to Cable and Wireless for a rock bottom price; $195 million. This added with the $15 million left in the bank, which brought the figure to $210 million; the amount announced by the Government.
The $15 million question is this: Why would a government sell the “Bahamian Success Story” and leave money in the bank for the new corporate rapist to take? Well, that is the question BP put to an insider to the long negotiations out of the finance department and what we were told is indeed shocking.
According to our “deep throat” in the boardroom at BTC, the government of the Bahamas has transferred the decision to fire Bahamians to Cable and Wireless.
“It is no secret why the $15 million was left in the cookie jar. Members of the Government’s negotiating team were reluctant to sign a Memorandum, which would state the downsizing of the company; a situation requested by the new owners.
“We are headed into an election year and therefore, like Pilate washed his hands before the Crucifixion of the risen Lord, so has this government washed their hands from the decision to fire Bahamians. They have left the money in the bank for Cable and Wireless to do that job. This is why the language in the memorandum was change to “restructuring” from the initial term “Downsizing”. Didn’t ZNS get restructure?” the source said.
Bahamas Press has learnt the $15 million is the Government’s contribution to separation packages at the Corporation, which will be backed by additional funds supplied by the new buyer. It is speculated some 300 workers will be purged from the Corporation.
We are told it is likely scores of senior management members at BTC will opt for the package offered, which will also deplete the mass skills bank at the telecommunications company.
What amazes BP however is this, since the negotiations began, the general public has not seen one face or spokesman to the announcements. NOT THE WUTLESS MINISTER WITH RESPONSIBILITY, Tommy Turnquest, nor the Chairman of BTC, nor the team from Cable & Wireless. Why is everyone so invisible like the 19 benefactors of the Port Deal?
Hubert Ingraham, just like a secret agent, has led the most secretive government in the history of the Bahamas. For a team which propagated “WE ARE A GOVERNMENT IN THE SUNSHINE”, it is a ‘dutty’ SHAME to see how public business is being conducted in the country. They must have meant they will do the public business where the DAMN SUN REFUSE SHINE!
NOT ONE FACE FROM BTC OR CABLE & WIRELESS HAVE EMERGED TO THE PUBLIC TO ANNOUNCE THE SALE OF THE CORPORATION! WHAT WICKEDNESS!
Also since the announcement of the sale last week, BTC cell and landline services have had frequent disruptions for long periods each time.
BAY STREET BOYS AGAIN? CAN I HAVE A JOB PLEASE , WE PM JUST GIVE U OWNERSHIP BACK TO DA WHITE BOYS ! I THOUGHT HI WAS BOLD AND FEARLESS, NOT BROKE BACK AND FEATHERY
these people need need to stop nnnnnnnaaaaaaaaaaahhhhhh
What a sad day in the Bahamas…..The stage has been set!!!
1. A Weak Government Opposition
2. A Mute and Deaf Cabinet
3. A Comprimised Church
4. A Mis-informed Bahamian Public
5. A Successful Bahamian Telecom Company with Ballsless Executives.
Question: Why is a Profitable Company being sold???
Who would this profit???
Who Gains from this SALE???!!
Think on This:::
A company is being sold for 215Million:-
Restructuring Cost is 15Million
Monies for Outstanding Government Debt 195Million
The cost of the sale is 0000Million.
In Essence BTC is being SOLD for A LOAN PAYOFF OF 215MILLION!!!
WITH CWC HAVING 51% INTEREST….THE MAJORITY SHAREHOLDERS.
BOY WE DOES SELL OURSELVES CHEAP…. YA SA’ MASSER!!!
Do you really believe that C&W will invest in the Bahamas or just treat it as a cash cow, getting rid of most of the workforce and send all operations to Jamaica. All of the money that would go back into the local ecomomy will now be sent to their money losing enterprise. Bahamians beware of what you wish for!
The sooner they are able to downsize, the better it will be. C&W should be allowed to operate and manage its affairs with maximum efficiency without government-imposed caviats. The longer they are required to retain bloated and unnecessary staff, the longer it will take for the public’s communication costs to go down. Bahamians pay more in telephone services than anyone in the Caribbean, and for that honour we get the worst service and trail far behind in technology and equipment. I say let C&W manage the company based on best practices so that we may get the services we deserve at an affordable rate.
The layoffs continue. The FNM won the last election by some 3,500 votes. There are quadruple that amonut of Bahamians now unemployed all because of FNM policies.This will, be an interesting election!!
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