PLP releases purported BTC MOU
The Progressive Liberal Party(PLP)has released a document it claims is the memorandum of understanding the government signed with Cable and Wireless Communications(CWC)to sell 51 percent of the Bahamas Telecommunications Company(BTC)to CWC.
The document released by the PLP was not signed, was missing sections and was labeled as a draft.
It outlines that a voluntary workforce reduction plan must be in place prior to the sale to CWC and that the government will have to pay heavy penalties if it breaks the three-year cellular monopoly to the company.
It also outlines how BTC’s new board will be comprised and how appointments will be made to it. It also details a share transfer agreement the parties must sign before the deal could be submitted to Parliament, the Central Bank and the Utilities Regulation and Competition Authority(URCA)for approval.
The PLP said the document indicates that CWC has been given too many concessions and that the government is giving control of its most profitable entity away at a fire sale price.
While the PLP circulated the purported memorandum of understanding, the government has not yet made the official document public.