Holowesko denies conflict claim...
Responds to PLP’s claims about BTC board appointment
Professional money manager Mark Holowesko has strongly denied claims made by the Progressive Liberal Party (PLP) that his recent appointment to the board of the newly-privatized Bahamas Telecommunications Company (BTC) represents a conflict.
At the close of the deal with Cable and Wireless Communications (CWC) early this month, Prime Minister Hubert Ingraham announced that Holowesko, a principal of Holowesko Capital Partners, is one of the three members who will represent the government on the board.
In a recent press statement, the PLP attached general information from Franklin Templeton Investment Funds that lists Holowesko as a member of the board of directors.
Franklin Templeton Investments Portfolio Holdings — also included as part of the press release — shows that Franklin Templeton holds shares in Cable and Wireless Communications.
But Holowesko dismissed claims that he has been appointed to the BTC board to serve interests other than the government and the people of The Bahamas.
“I am not intimately involved in Cable and Wireless,” Holowesko told The Nassau Guardian.
“I own no shares in Cable and Wireless personally and I don’t know that I’ve ever bought any shares in Cable and Wireless for myself or the funds that I’m directly responsible for.”
But the PLP highlighted what it called an apparent conflict.
“At the time of the announcement of Mr. Holowesko to the board of BTC, no disclosure was made by the prime minister or Cable and Wireless of the apparent divided loyalty of Mr. Holowesko,” the PLP said.
“Her Majesty’s Loyal Opposition demands to know in whose interest is Mr. Holowesko serving.
“Is Mr. Holowesko representing the interest of the Bahamian people as a government appointee to the board, or is he there as a representative of the company for which he is employed, or is it both?”
But Holowesko said there are several erroneous statements in the PLP’s release.
One of them, he said, is the suggestion that he is paid by Franklin Templeton Investments.
And he said none of the funds he manages holds shares in Cable and Wireless.
Holowesko said he was inquiring with the Franklin Templeton office in the United States about whether any of the funds on whose board he sits holds shares in Cable and Wireless.
“I am a director for a group of funds over in Europe for the Templeton SICAV funds,” he explained.
“Franklin Templeton Investments isn’t the correct legal name for it. Franklin Templeton is a company incorporated in America, which is an investment management company and they have mutual funds in Europe under a Luxembourg umbrella fund called SICAV fund and I am a board member of those funds.
“I’m not a director of Franklin Templeton, the investment management company. I’m a director of some of the funds that they run over in Europe. That’s an important distinction.
“Franklin Templeton funds may or may not own Cable and Wireless shares.”
Further explaining his role with the investment group, Holowesko said, “Franklin Templeton is a company that runs funds all over the world and the funds that I’m a director on, I’m making an educated guess, are about 20 or 30 percent of the mutual funds that they manage, so they’re not the US funds or the Canadian funds. They’re the European funds. Those funds may or may not own Cable and Wireless shares.”
Holowesko explained that as a director on the board of certain funds, he would have no specific knowledge of the day-to-day activities of them.
“I’m not involved in the day-to-day management of those funds. As a director we meet twice a year in London to basically review the operational activities of those funds,” he said.
“The day-to-day investment management of those funds is not under us as directors and I’m not an insider in terms of knowing what they buy and sell and when they buy and sell.
“I do get reports as a director at certain periods in terms of what the funds hold at that point in time, and whether or not those funds own shares in Cable and Wireless today I don’t know and I’ve asked the legal department of Franklin Templeton to let me know and I’ll have that response.”
Holowesko was contacted by The Nassau Guardian to respond to the PLP statement.
The opposition party said, “The nagging questions persist as to what role Holowesko is playing in this BTC, Cable and Wireless marriage.”
“Was Mr. Mark Holowesko involved in the sale of BTC to Cable and Wireless, a company he is intimately involved in as an investor, from the beginning?
“If so, in what capacity? Who was he serving then and who is he serving now?”
But Holowesko said he played no role in bringing Cable and Wireless to the table for the BTC deal. In fact, he said he knows very little about the transaction.
“I have very little knowledge and I have had absolutely zero activity in the sale to Cable and Wireless,” he said.
“As a matter of fact when the prime minister asked me to go on the board, I said ‘one of my main concerns is I don’t know enough about this transaction. If you want me to go on the board you need to have somebody fill me in on this transaction.
“So it is completely and totally erroneous that I have any knowledge or any kind of involvement in this transaction. I have zero involvement in this transaction and I know very little about it.”
Holowesko said he has a meeting with government representatives on Thursday so he can learn more about the specifics of the CWC/BTC transaction and what will be expected of him as a board member.
Holowesko was also asked whether Franklin Templeton Investments is benefiting in any way from the BTC sale.
“I have no idea,” he said.
In its statement, the PLP also said it had been informed that the parent company of Cable and Wireless Communications, Temasek Holdings, is the majority shareholder of Singapore Telecommunications Limited.
“A major shareholder of SingTel is Templeton Global Advisors Limited which falls under the umbrella of Franklin Templeton Investments,” the PLP said.
“Temasek Holdings Limited’s 54 percent ownership of SingTel is under the control of the Government of Singapore.”
Holowesko explained: “Temasek is a company in Singapore which is 100 percent owned by the Singaporean government, which the Singaporean government uses as its vehicle for investing on behalf of the Singaporean people, and nobody owns shares in that company other than the government of Singapore. I have no interaction with that company.
“And how that company is somehow involved in Cable and Wireless I wouldn’t know, and to somehow imply that we have some sort of interest or I have some sort of interest in that company is like saying the average American has some sort of interest in the US Treasury. It’s silly.
“That’s just loony. Total fabrication.”
Company documents with information on Franklin Templeton Investment Funds’ board of directors has a brief reference to “Temasek”, but not the company.
The company address of one of the Franklin Templeton directors — Dr. J. B. Mark Mobius, executive chairman of Templeton’s Emerging Markets Group — is listed as “7 Temasek Boulevard” in Singapore.
Asked how he felt about the claims being made by the PLP, Holowesko, who is the son of Senate President Lyn Holowesko, said, “I’m not a politician. I’m a businessman and a family man. I’ve had family members in politics. I don’t like politics. I abhor politics.
“I find most of it to be a waste of time for these particular reasons that I’m involved in right now. This is time wasting. As far as I’m concerned it’s non-productive and I guess politicians like to do these sorts of things for a variety of reasons. And whatever reasons they have I guess it’s up to them.”
Holowesko said he was asked by the prime minister to be a member of the BTC board and he hopes to make a positive contribution on behalf of the government and the Bahamian people.
“From an investment perspective, I’ve been in the investment business since 1985. So I have a lot of investment experience,” he said.
“…From what I understand — and I’ll get more information [this] week — there’s some very specific things that Cable and Wireless is supposed to do as part of this purchase for The Bahamas and my role on that board is to ensure that they do those things first and foremost.”
The two other government members of the BTC board are Maria Ferere, a partner of FT Consultants Ltd., and Deidre Prescott, who works for the Bahamas Electricity Corporation and previously served as a director on the BTC board.
Four employees of LIME (CWC’s Caribbean arm) are also members of the new board, including LIME CEO David Shaw.
4/26/2011
thenassauguardian
A political blog about Bahamian politics in The Bahamas, Bahamian Politicans - and the entire Bahamas political lot. Bahamian Blogger Dennis Dames keeps you updated on the political news and views throughout the islands of The Bahamas without fear or favor. Bahamian Politicians and the Bahamian Political Arena: Updates one Post at a time on Bahamas Politics and Bahamas Politicans; and their local, regional and international policies and perspectives.
Showing posts with label Bahamas Telecommunications Company. Show all posts
Showing posts with label Bahamas Telecommunications Company. Show all posts
Tuesday, April 26, 2011
Tuesday, March 1, 2011
Leon Williams: Bahamas Telecommunications Company (BTC) missed out on opportunities that would have made it even more competitive and valuable
“BTC Missed Out On Opportunities,” Says Williams
By Scieska Adderley
Former Bahamas Telecommunications Company (BTC) President and CEO Leon Williams believes that the country’s telecommunications provider is the most profitable government entity, despite missing several opportunities that would have made the company even more competitive and valuable.
Mr. Williams was the keynote speaker at the Rotary Club of West Nassau’s weekly meeting yesterday.
During his address, he explained that he had a certain vision for BTC while he was at the helm.
According to Mr. Williams, his main goal was to raise enough money so that BTC could grow outside of The Bahamas.
"We went to Haiti where we built a $6 million cable to Haiti. The Government of Haiti offered us the first right of refusal for a DSL and a wireless network. It would have cost $30 million to do the GSM in Haiti. We did not see and when I say we did not see, other people did not see the value of Haiti."
Mr. Williams said if BTC had gotten its services off the ground in Haiti, using just 10 per cent of that country’s customers, in three years that alone would have generated BTC’s annual profits.
He noted that Digicel tapped into that market and within the first three months, the company had 500,000 customers, then in its first year, that number increased to 1.6 million customers.
Currently, Digicel has 2.6 million customers in Haiti.
Mr. Williams explained that BTC has also missed out on marketing its VIBE phone service internationally.
"We then created the VIBE network. We had the Bahamian girl on the box, a Jamaican girl on the box and we had a Haitian girl on the box. The idea was to go to Miami and sell the VIBE in Miami, 1.8 million in Miami. We even had it on Concourse D at the Miami International Aiport. We were even advertising where no one else was advertising in that same area in the United States."
Mr. Williams said it is important to expand the market beyond The Bahamas.
He compared it to Cable Bahamas, which has over the years expanded its services to countries such as Barbados, Jamaica, Curacao and the Dominican Republic.
Overall, Mr. Williams noted there are 20 million customers on The Bahamas’ border-markets that can be exploited, but unfortunately have not.
February 28, 2011
jonesbahamas
By Scieska Adderley
Former Bahamas Telecommunications Company (BTC) President and CEO Leon Williams believes that the country’s telecommunications provider is the most profitable government entity, despite missing several opportunities that would have made the company even more competitive and valuable.
Mr. Williams was the keynote speaker at the Rotary Club of West Nassau’s weekly meeting yesterday.
During his address, he explained that he had a certain vision for BTC while he was at the helm.
According to Mr. Williams, his main goal was to raise enough money so that BTC could grow outside of The Bahamas.
"We went to Haiti where we built a $6 million cable to Haiti. The Government of Haiti offered us the first right of refusal for a DSL and a wireless network. It would have cost $30 million to do the GSM in Haiti. We did not see and when I say we did not see, other people did not see the value of Haiti."
Mr. Williams said if BTC had gotten its services off the ground in Haiti, using just 10 per cent of that country’s customers, in three years that alone would have generated BTC’s annual profits.
He noted that Digicel tapped into that market and within the first three months, the company had 500,000 customers, then in its first year, that number increased to 1.6 million customers.
Currently, Digicel has 2.6 million customers in Haiti.
Mr. Williams explained that BTC has also missed out on marketing its VIBE phone service internationally.
"We then created the VIBE network. We had the Bahamian girl on the box, a Jamaican girl on the box and we had a Haitian girl on the box. The idea was to go to Miami and sell the VIBE in Miami, 1.8 million in Miami. We even had it on Concourse D at the Miami International Aiport. We were even advertising where no one else was advertising in that same area in the United States."
Mr. Williams said it is important to expand the market beyond The Bahamas.
He compared it to Cable Bahamas, which has over the years expanded its services to countries such as Barbados, Jamaica, Curacao and the Dominican Republic.
Overall, Mr. Williams noted there are 20 million customers on The Bahamas’ border-markets that can be exploited, but unfortunately have not.
February 28, 2011
jonesbahamas
Wednesday, February 9, 2011
After Bahamas Communications and Public Officers Union (BCPOU) president Bernard Evans would have destroyed The Bahamas, what does he plan to salvage from the ruins to pass on to his children?
Union leader promises a 'small Egypt'
tribune242 editorial
YESTERDAY the Government laid on the table of the House the much anticipated agreement to sell 51 per cent of Bahamas Telecommunications Company to Cable and Wireless Communications. The transaction is still subject to parliamentary and regulatory approvals.
Opposition leader Perry Christie quickly announced that his party will not support the sale. He said the Opposition was particularly "grieved that even though the decision was made to sell, the decision was made to sell 51 per cent." To him that was "an error of judgment on the part of this government and certainly does not serve the best interests of the people of the Bahamas."
We know that Mr Christie, a lawyer, probably does not have much practical experience in the business world, but when a purchaser is so hobbled in a sale -- as is Cable & Wireless -- the vendor has to relinquish something to keep him interested in the purchase. An early snag in the negotiations was C&W's need to slash 30 per cent of BTC's 1,150 work force to put the company in a position to compete in an open market. Obviously, Mr Ingraham, fighting desperately to save BTC jobs and making it clear that his government would not tolerate any forced redundancies, had to somehow "sweeten the pie" to keep C&W at the negotiating table. Many benefits, such as very generous pensions among other perks, had to be protected for current staff.
We presume 51 per cent and the three year period of exclusivity for its cellular service had to be the bait to clinch the deal.
And yet BTC employees are screaming that government is not thinking of the Bahamian people. Maybe they have a point there. An argument can be made that in his effort to protect BTC staff, he did indeed defer many of the benefits that the Bahamian people want now for another three years. This is to protect BTC staff and give them time to decide their future.
If this had been an ordinary sale -- or even if BTC workers had become the owners of the company -- reality would have set in very quickly. They would have become business men and women overnight, and about 300 staff would have had to have been made redundant immediately for the overburdened company to survive.
We presume that 51 per cent was the price that government had to pay to protect the jobs of many ungrateful staff.
Denise Wilson, BCPOU secretary general, declared that even though some Bahamians might not understand why unions are continuing to fight the sale, "it comes down to our rights." We understand only too well why they are fighting, they are not thinking of the country, or the Bahamians who pay their salaries, their focus is solely on themselves.
As for BCPOU president Bernard Evans, despite wanting us to believe that unionists are fighting the sale for the sake of future generations, he has vowed to turn this country into a "small Egypt." Those of us who have watched television these past two weeks know exactly what that means -- destruction. And after he has destroyed the nation, what does he plan to salvage from the ruins to pass on to his children?
He talks about showing the strength of the people.
Mr Evans is fooling himself if he thinks his minority, now trying to hold the government hostage, represents the will of the majority of Bahamians.
"I want to apologise right now publicly to all of our valued customers," said Mr Evans. "Be patient with us, but needless to say that services will be affected somewhat. Be patient with us, we are fighting for a cause we believe, we know, is bigger than BTC's members and employees. We are fighting for the future of our children."
Mr Evans forgets that Bahamians have been patient will their performance for too long now. The patience of most of us has run out.
Either the Bahamas is going to forge ahead for the sake of our children, or it is going to be held back in the cesspool of inefficiency.
After Mr Evans has turned us into another Egypt and jeopardised the jobs of all Bahamians, there won't be much left for another generation.
Nor have we any patience with an unreasonable people who reject an invitation to at least sit down and have a discussion with the Prime Minister.
What should be remembered is that Prime Minister Ingraham is the elected representative of the Bahamian people, not Mr Evans or union leaders.
February 09, 2011
tribune242 editorial
tribune242 editorial
YESTERDAY the Government laid on the table of the House the much anticipated agreement to sell 51 per cent of Bahamas Telecommunications Company to Cable and Wireless Communications. The transaction is still subject to parliamentary and regulatory approvals.
Opposition leader Perry Christie quickly announced that his party will not support the sale. He said the Opposition was particularly "grieved that even though the decision was made to sell, the decision was made to sell 51 per cent." To him that was "an error of judgment on the part of this government and certainly does not serve the best interests of the people of the Bahamas."
We know that Mr Christie, a lawyer, probably does not have much practical experience in the business world, but when a purchaser is so hobbled in a sale -- as is Cable & Wireless -- the vendor has to relinquish something to keep him interested in the purchase. An early snag in the negotiations was C&W's need to slash 30 per cent of BTC's 1,150 work force to put the company in a position to compete in an open market. Obviously, Mr Ingraham, fighting desperately to save BTC jobs and making it clear that his government would not tolerate any forced redundancies, had to somehow "sweeten the pie" to keep C&W at the negotiating table. Many benefits, such as very generous pensions among other perks, had to be protected for current staff.
We presume 51 per cent and the three year period of exclusivity for its cellular service had to be the bait to clinch the deal.
And yet BTC employees are screaming that government is not thinking of the Bahamian people. Maybe they have a point there. An argument can be made that in his effort to protect BTC staff, he did indeed defer many of the benefits that the Bahamian people want now for another three years. This is to protect BTC staff and give them time to decide their future.
If this had been an ordinary sale -- or even if BTC workers had become the owners of the company -- reality would have set in very quickly. They would have become business men and women overnight, and about 300 staff would have had to have been made redundant immediately for the overburdened company to survive.
We presume that 51 per cent was the price that government had to pay to protect the jobs of many ungrateful staff.
Denise Wilson, BCPOU secretary general, declared that even though some Bahamians might not understand why unions are continuing to fight the sale, "it comes down to our rights." We understand only too well why they are fighting, they are not thinking of the country, or the Bahamians who pay their salaries, their focus is solely on themselves.
As for BCPOU president Bernard Evans, despite wanting us to believe that unionists are fighting the sale for the sake of future generations, he has vowed to turn this country into a "small Egypt." Those of us who have watched television these past two weeks know exactly what that means -- destruction. And after he has destroyed the nation, what does he plan to salvage from the ruins to pass on to his children?
He talks about showing the strength of the people.
Mr Evans is fooling himself if he thinks his minority, now trying to hold the government hostage, represents the will of the majority of Bahamians.
"I want to apologise right now publicly to all of our valued customers," said Mr Evans. "Be patient with us, but needless to say that services will be affected somewhat. Be patient with us, we are fighting for a cause we believe, we know, is bigger than BTC's members and employees. We are fighting for the future of our children."
Mr Evans forgets that Bahamians have been patient will their performance for too long now. The patience of most of us has run out.
Either the Bahamas is going to forge ahead for the sake of our children, or it is going to be held back in the cesspool of inefficiency.
After Mr Evans has turned us into another Egypt and jeopardised the jobs of all Bahamians, there won't be much left for another generation.
Nor have we any patience with an unreasonable people who reject an invitation to at least sit down and have a discussion with the Prime Minister.
What should be remembered is that Prime Minister Ingraham is the elected representative of the Bahamian people, not Mr Evans or union leaders.
February 09, 2011
tribune242 editorial
Monday, December 13, 2010
Voices Killarney poll shows that many support the proposed BTC sale
Constituency poll shows many support proposed BTC sale
tribune242
A recent poll taken in the Killarney constituency shows that there are many Bahamians who support the government’s intention to sell a 51 per cent stake in The Bahamas Telecommunications Company to the British telecommunication company Cable and Wireless Communications (C&WC).
A recent poll conducted on “Voices Killarney,” an online news letter from the constituency office of Dr Hubert Minnis revealed that 67 people who participated in the poll supported the BTC deal while 50 persons opposed the deal. The poll, which was conducted on December 10 and 11, also revealed that six persons who participated in the poll were undecided.
Among those who supported the sale one person commented, “I think the sale is an excellent idea. C&W are in the Caribbean Islands. Although we are considered ahead of them economically their telephone technology is far ahead of us.” Another posted, “The union just needs to get over it. It is ludicrous that a union dictates who the government sells any corporation to. The government is elected by the people to conduct work on behalf of the people so I believe that every government would make decisions that are in the best interest of the country. Those people at Batelco are lazy and are afraid of privatization.”
Another person in support of the sale commented, “The sale of Batelco is long overdue. We are paying far too much for out dated systems and service that is not customer-oriented. I have been trying to find out for over one year how my land line was turned over in the name of my tenant and they were allowed to transfer my phone line when they gave up the lease on my property. They have also not been able to satisfy me with what has happened to my security deposit. The prices are too high, the service is poor and I think we need to up grade.”
Among those who opposed the decision one person commented, “I agree that staff numbers need to be reduced and employees simply more efficient to cut operation costs. However, if it must be sold, it should be sold to Bahamians with the capital and vision to further advance the company with the latest technologies available in phone and Internet services.”
Another stated, “Batelco belongs to the people of the Bahamas and should not be sold. Bahamians should own and run Batelco.” “I feel that it was a very bad decision because they sold such a great portion of the company for such little money. BTC makes a lot of money just in one year. In two years time BTC would have already made over that amount, so it really made no sense selling for so little,” another person commented.
Among those who were undecided, one stated, “Notwithstanding that the sale is inevitable and probably necessary. I'm curious to know what criteria was laid out to qualify as a purchaser. Does C&W meet the criteria, if they do and other companies also did, what were the track records of the other companies when compared to C&W? Why must we sell 51 per cent as opposed to 49 per cent. Why not consider a group of Bahamians as opposed to foreigners?”
December 13, 2010
tribune242
tribune242
A recent poll taken in the Killarney constituency shows that there are many Bahamians who support the government’s intention to sell a 51 per cent stake in The Bahamas Telecommunications Company to the British telecommunication company Cable and Wireless Communications (C&WC).
A recent poll conducted on “Voices Killarney,” an online news letter from the constituency office of Dr Hubert Minnis revealed that 67 people who participated in the poll supported the BTC deal while 50 persons opposed the deal. The poll, which was conducted on December 10 and 11, also revealed that six persons who participated in the poll were undecided.
Among those who supported the sale one person commented, “I think the sale is an excellent idea. C&W are in the Caribbean Islands. Although we are considered ahead of them economically their telephone technology is far ahead of us.” Another posted, “The union just needs to get over it. It is ludicrous that a union dictates who the government sells any corporation to. The government is elected by the people to conduct work on behalf of the people so I believe that every government would make decisions that are in the best interest of the country. Those people at Batelco are lazy and are afraid of privatization.”
Another person in support of the sale commented, “The sale of Batelco is long overdue. We are paying far too much for out dated systems and service that is not customer-oriented. I have been trying to find out for over one year how my land line was turned over in the name of my tenant and they were allowed to transfer my phone line when they gave up the lease on my property. They have also not been able to satisfy me with what has happened to my security deposit. The prices are too high, the service is poor and I think we need to up grade.”
Among those who opposed the decision one person commented, “I agree that staff numbers need to be reduced and employees simply more efficient to cut operation costs. However, if it must be sold, it should be sold to Bahamians with the capital and vision to further advance the company with the latest technologies available in phone and Internet services.”
Another stated, “Batelco belongs to the people of the Bahamas and should not be sold. Bahamians should own and run Batelco.” “I feel that it was a very bad decision because they sold such a great portion of the company for such little money. BTC makes a lot of money just in one year. In two years time BTC would have already made over that amount, so it really made no sense selling for so little,” another person commented.
Among those who were undecided, one stated, “Notwithstanding that the sale is inevitable and probably necessary. I'm curious to know what criteria was laid out to qualify as a purchaser. Does C&W meet the criteria, if they do and other companies also did, what were the track records of the other companies when compared to C&W? Why must we sell 51 per cent as opposed to 49 per cent. Why not consider a group of Bahamians as opposed to foreigners?”
December 13, 2010
tribune242
Friday, December 10, 2010
BTC employees' battle with the government over 51 percent stake in Bahamas Telecommunications Company to Cable & Wireless
Are BTC employees in a losing battle with the government
thenassauguardian editorial
Employees of the Bahamas Telecommunications Company (BTC) went on the offensive on Tuesday, as a sign of their disagreement with government’s move to sign a memorandum of understanding (MOU) with Cable & Wireless in relation to the sale of a 51 percent stake in BTC. The protest action on Tuesday, in which BTC employees paraded around the company’s head office on JFK Drive, brought flashbacks of what happened when ZNS workers tried to fight government’s downsizing of the Broadcasting Corporation of The Bahamas.
Also familiar is BCPOU President Bernard Evans, who was unsuccessful in his fight for ZNS employees against the government. It seems strange that after losing that battle not so long ago, union members are still confident that Evans can get them the kind of results they seek.
Evans is the same and his fight is against the same foe to which he lost, the Government of The Bahamas. We saw how the ZNS fiasco turned out. Will this BTC fight be any different?
It should be noted though, that a significant difference in this fight is that President of the Bahamas Christian Council Rev. Patrick Paul, and newly-elected President of the National Congress of Trade Unions of The Bahamas Jennifer Isaacs-Dotson, have jumped on board with BTC from the get go.
This battle could turn out to be a much bigger fight for the government than ZNS was.
When it comes to BTC who knows what to expect? Reports suggest that Tuesday’s action was just the beginning of what could end up being a massive national strike involving various unions. Yesterday the BTC employees were at it again, this time with a motorcade through the streets of New Providence, and a mass rally at the Bahamas Communications and Public Officers Union Hall, at which representatives of various unions were on hand to give their support.
The prime minister stared down Bernard Evans, called his bluff and won a battle without even unholstering his gun during the ZNS fiasco. With Evans at the helm of the battle with BTC, Prime Minister Ingraham may be looking for history to repeat itself.
12/9/2010
thenassauguardian editorial
thenassauguardian editorial
Employees of the Bahamas Telecommunications Company (BTC) went on the offensive on Tuesday, as a sign of their disagreement with government’s move to sign a memorandum of understanding (MOU) with Cable & Wireless in relation to the sale of a 51 percent stake in BTC. The protest action on Tuesday, in which BTC employees paraded around the company’s head office on JFK Drive, brought flashbacks of what happened when ZNS workers tried to fight government’s downsizing of the Broadcasting Corporation of The Bahamas.
Also familiar is BCPOU President Bernard Evans, who was unsuccessful in his fight for ZNS employees against the government. It seems strange that after losing that battle not so long ago, union members are still confident that Evans can get them the kind of results they seek.
Evans is the same and his fight is against the same foe to which he lost, the Government of The Bahamas. We saw how the ZNS fiasco turned out. Will this BTC fight be any different?
It should be noted though, that a significant difference in this fight is that President of the Bahamas Christian Council Rev. Patrick Paul, and newly-elected President of the National Congress of Trade Unions of The Bahamas Jennifer Isaacs-Dotson, have jumped on board with BTC from the get go.
This battle could turn out to be a much bigger fight for the government than ZNS was.
When it comes to BTC who knows what to expect? Reports suggest that Tuesday’s action was just the beginning of what could end up being a massive national strike involving various unions. Yesterday the BTC employees were at it again, this time with a motorcade through the streets of New Providence, and a mass rally at the Bahamas Communications and Public Officers Union Hall, at which representatives of various unions were on hand to give their support.
The prime minister stared down Bernard Evans, called his bluff and won a battle without even unholstering his gun during the ZNS fiasco. With Evans at the helm of the battle with BTC, Prime Minister Ingraham may be looking for history to repeat itself.
12/9/2010
thenassauguardian editorial
Tuesday, June 8, 2010
Bahamas Communications and Public Officers Union does not support Bahamas Telecommunications Company's shares being sold to Cable and Wireless
BTC union rejects bidder
BY KEVA LIGHTBOURNE ~ Guardian Senior Reporter ~ kdl@nasguard.com:
The union that represents line staff at The Bahamas Telecommunications Company (BTC) is objecting to the government's decision to enter talks with regional telecoms giant Cable & Wireless for a 51 percent stake in the state-owned entity.
Bahamas Communications and Public Officers Union (BCPOU) President Bernard Evans said the labor body would in no way support any amount of shares being sold to Cable & Wireless.
"Their track record as far as labor relations is not good and even given the potential model that they want to implement in terms of regional governance and control, it is not conducive to the Bahamian psyche that I know, that we know," Evans explained.
"We go on record as saying that we do not support any kind of sale to Cable & Wireless."
The Nassau Guardian understands that talks begun recently between the government and Cable & Wireless over the sale of the majority interest in BTC, which employs hundreds of Bahamians. This came despite the company turning down the chance to officially bid last year when a number of partnerships paid $25,000 to be a part of the process.
Cable & Wireless had been considered among the best prospects to purchase BTC when it opted out.
The Guardian reported recently that the talks that are now taking place between the company and the government sparked frustration among the two bidders that had been short-listed, with one saying it was actively considering whether it wanted to move forward in the process.
The two existing bidders — a JP Morgan/Vodafone combination and Atlantic Tele Network (ATN), partnering with CFAL — were among four proposals, which were short-listed last October.
Evans said the union is not supporting a sale to Vodafone either.
He said while privatization for BTC has been looming for a while, Bahamians should be given the first opportunity to purchase.
"And I believe the government was trying to get as much as it can get for the 51 percent sale for BTC, but given some of the figures we have been hearing it is not that attractive," Evans said.
"We are still reserved in that BTC is a very profitable entity. It is Bahamian-controlled, Bahamian-owned, and we believe it still should be Bahamian-owned and if [there is] any opportunity for any sale Bahamians should be looked at first," he said.
Last month, Prime Minister Hubert Ingraham told The Nassau Guardian that there would be no fire sale of BTC.
"We have given the BTC privatization committee some parameters as to what bid would be acceptable to ourselves," he said.
"They are still having discussions, we expect to hear from them soon, but they have not formed any recommendation yet. We gave them the parameters but we are not having a fire sale, we don't have to sell immediately," Ingraham said.
June 8, 2010
thenassauguardian
BY KEVA LIGHTBOURNE ~ Guardian Senior Reporter ~ kdl@nasguard.com:
The union that represents line staff at The Bahamas Telecommunications Company (BTC) is objecting to the government's decision to enter talks with regional telecoms giant Cable & Wireless for a 51 percent stake in the state-owned entity.
Bahamas Communications and Public Officers Union (BCPOU) President Bernard Evans said the labor body would in no way support any amount of shares being sold to Cable & Wireless.
"Their track record as far as labor relations is not good and even given the potential model that they want to implement in terms of regional governance and control, it is not conducive to the Bahamian psyche that I know, that we know," Evans explained.
"We go on record as saying that we do not support any kind of sale to Cable & Wireless."
The Nassau Guardian understands that talks begun recently between the government and Cable & Wireless over the sale of the majority interest in BTC, which employs hundreds of Bahamians. This came despite the company turning down the chance to officially bid last year when a number of partnerships paid $25,000 to be a part of the process.
Cable & Wireless had been considered among the best prospects to purchase BTC when it opted out.
The Guardian reported recently that the talks that are now taking place between the company and the government sparked frustration among the two bidders that had been short-listed, with one saying it was actively considering whether it wanted to move forward in the process.
The two existing bidders — a JP Morgan/Vodafone combination and Atlantic Tele Network (ATN), partnering with CFAL — were among four proposals, which were short-listed last October.
Evans said the union is not supporting a sale to Vodafone either.
He said while privatization for BTC has been looming for a while, Bahamians should be given the first opportunity to purchase.
"And I believe the government was trying to get as much as it can get for the 51 percent sale for BTC, but given some of the figures we have been hearing it is not that attractive," Evans said.
"We are still reserved in that BTC is a very profitable entity. It is Bahamian-controlled, Bahamian-owned, and we believe it still should be Bahamian-owned and if [there is] any opportunity for any sale Bahamians should be looked at first," he said.
Last month, Prime Minister Hubert Ingraham told The Nassau Guardian that there would be no fire sale of BTC.
"We have given the BTC privatization committee some parameters as to what bid would be acceptable to ourselves," he said.
"They are still having discussions, we expect to hear from them soon, but they have not formed any recommendation yet. We gave them the parameters but we are not having a fire sale, we don't have to sell immediately," Ingraham said.
June 8, 2010
thenassauguardian
Subscribe to:
Posts (Atom)