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Despite the failed acquisition, BTL Chairman Markhelm Lizarraga has maintained the confidence of PUP Chairman Henry Charles Usher. Lizarraga was one of the leading public voices defending the proposal. He argued that combining BTL and Smart could improve efficiency, strengthen telecommunications infrastructure and create benefits for consumers and shareholders. Cabinet’s rejection of the deal subsequently brought up questions on Lizarraga’s capacity at the helm of BTL. In Usher’s perspective, the failed acquisition should not be seen as a reflection of Lizarraga’s leadership or his ability to continue serving as BTL Chairman. According to Usher, Lizarraga’s performance on the job has been commendable.
Henry Charles Usher, Minister of Public Service: “I don’t think that he should be asked to go. I think that the consultation in my view could have been more, but I don’t think that they failed to consult. I’m sure that they did a lot of consultation, but they could have done more. They can always do more. And whenever there are so many concerns, especially when it comes to legislative issues or regulatory issues, I think it’s important for those to get clarity before moving forward. I think that the chairman, like I said, and the management team at BTL has been doing a good job, we can’t overlook that. Taking the return on equity from 2% to 3% to 8% to 12% looking at different areas expanding, diversifying the services being provided by BTL, these are areas that they have to continue to work on now. This was one proposal and they had their reasons for looking into this proposal and now they have to look at how they can look at other services to continue to move forward. BTL and the CEO of BTL has said very clearly that they’re moving away from a telecommunication to a tech-co, a technology-based company. So that is important that they continue to diversify into those other areas.”
Reporter: I think that this current chairman he saw consolidation, the future has consolidation when it was extremely competitive. Would you say in that instance, then maybe you should be looking for someone else that would have a similar vision moving forward?
Henry Charles Usher, Minister of Public Service: “I think, as I said just now, the traditional companies, BTL, Speednet, globally AT&T, T-Mobile, whoever you want to, whichever company you want to use, they’re all facing existential threats because of the rapid development of technology. So these companies have to be able to look at different areas to diversify, have to look at how they can continue to have a positive return on equity, return on investment for their shareholders. The people at Belize want to make sure that they continue to benefit from BTL. And so I think that’s important that they continue to do that.”
Markhelm Lizarraga has served as Chairman of BTL’s Board since early 2021. He was publicly identified as the company’s newly appointed chairman at BTL’s February 2021 annual general meeting
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