Attorney Alfred Sears has revealed that the company about to purchase the Bahamas Telecommunications Company (BTC) isn’t all its cracked up to be.
The Tribune reports that Sears, the PLP MP for Fort Charlotte, says that the public is under the impression that it is Cable & Wireless Worldwide (CWW), “a global telecommunications company with more than 130 years of experience”, that is buying BTC. When, in reality, it an independant spin-off of that company, Cable & Wireless Communications (CWC) who will become the 51% owners of BTC.
The latter company is much smaller and was only formed nine-months ago in a demerger with the parent company. Sears claims that CWC is “barely making a profit.”
The two companies operate as separately listed companies on the London Stock Exchange.
Sears, the PLP and others are concerned that the government is selling a majority interest in BTC to foreigners, instead of allowing a Bahamian group to buy the company.
There were allegedly at least two Bahamian groups interested in purchasing the company.
When The Tribune asked Minister Zhirvargo Laing to clarify the issue, Mr Laing attempted to change the subject to the PLP’s secret plan to sell 49 per cent of BTC’s shares to the mysterious Bluewater company.
The Tribune quotes Mr Laing saying, “…it is curious that Mr Sears, who sat in the former Cabinet that proposed to sell shares in BTC to Bluewater, a company whose age should be checked, whose ownership and financial capability should be checked.”
But that does not answer why the FNM government issued erroneous information about the company who will become the owners of BTC.
