Categorized | National News

CWC Talks Postponed

Talks between executives from Cable and Wireless (CWC) and the government’s advisory committee to acquire a major stake in the Bahamas Telecommunications Company (BTC) were set to take place this month, but have been postponed.

Franklyn Wilson, one of the committee members, told the Bahama Journal yesterday that talks were set for this month but there have been setbacks.

“Both parties have reaffirmed a commitment to this process,” he said.

“Cable and Wireless had suggested some dates for us to begin meeting in September, but we are waiting for confirmation on new dates and we hope to get started very soon. The fundamental approach is that we are going to be very respectful. We are going to be very appreciative of the fact that they are willing to talk to us.”
In 2011, Cable and Wireless (CWC) purchased 51 per cent of BTC from the Ingraham administration for $204 million.
Under the deal, the government agreed to allow Bahamians to buy shares in its 49 per cent stake of the company; however, Prime Minister Perry Christie has since cancelled any share offerings as a result of his government’s plans to renegotiate the existing deal.
Mr. Wilson said there is also a misconception that the committee is going to “take” BTC back from CWC.

“I don’t think it can be a ‘take back’ situation,” he said.

“We are a country with a rule of law and there is a process that must be undertaken. It would be unwise for anyone to interpret this as a take back situation. You have to be civil about these things. The mandate, as is expressed by the prime minister, is to have a controlling interest restored to The Bahamas.”

He also said that he remains “optimistic” about the negotiations.

“You don’t go into these things to waste time,” Mr. Wilson said.

“Election promises are to be taken seriously. The prime minister selected people that he felt will help him achieve this goal and we are not going to waste time. We won’t do this unless we feel that there will be a chance for success.”

But Mr. Wilson did not get into the specifics of the process.

“In terms of the process, we don’t want to jump the gun,” he said.

“We also do not want to negotiate in public. We want to end up with a 51 minimum per cent interest. If that objective is not met, the political directorate will have to say what will be the consequences of that.”

The prime minister named the delegation to represent the government at those negotiations last month.

Along with Mr. Wilson, former Attorney General Sean McWeeny, attorney Rowena Bethel and former BTC CEO Leon Williams also serve on the advisory committee.

Written by Jones Bahamas

Leave a Reply

You must be logged in to post a comment.

Watch JCN Channel 14 Shows

Jcn Channel 14

Sign in now to see your channels and recommendations!

Join Us on Facebook