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Jun 20, 2016

Brackett Claims Nationalizations Resulted in Crippling Public Debt

Geovanni Brackett

Brackett says that from their study of the report and other financial indicators, it is clear that the nationalization of B.T.L., particularly, did not have the desired effect. He claims that the arbitrary takeover has negatively impacted the country and the people who are now left with only massive debt to show for it.

 

Geovanni Brackett, COLA President

“When you look at the government taking over B.T.L. I think that it could have been more strategic. I would have rather the government before they take it over come to a settlement agreement and then buy it over from Lord Ashcroft, but I think what the government has done now is that we have paid for a company with dinosaur equipment while Michael Ashcroft has a new technological company Smart. The sum of that takeover could cost us as much as half a billion dollars. We’re going to be paying Michael Ashcroft much more than B.T.L. was worth at the end of it. I think that the only people that are losing are the people of Belize. That is very alarming because when you think of takeovers it’s easy for a Prime Minister to say we are going to do this, but when it has the negative impact that it’s going to have right now with a very bad economy, the only people who lose are the people of Belize. The attorneys will make millions, their family and friends who are running B.T.L. will be making huge sums of money; the subsidiaries that they create out of B.T.L. with their friends who share are going to be making good money, but the people of Belize are not going to be seeing the benefits of this takeover in my opinion, other than a huge fat loan that we’re going to have to pay. What COLA will be doing is we’re going to be consulting with experts who are friends with our organization and we are going to be following up with different press conferences so we can alert the Belizean public.”

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