Prime Minister Perry Christie is defending the decision of his administration to regain majority control of the Bahamas Telephone Company (BTC) that had been sold by the former Hubert Ingraham government to the British telecommunication giant, Cable and Wireless in 2010.
The US-based international credit rating agency, Moodys Investors, said that regaining majority shares will not only drive up government debt but raises questions about just how the new administration will go about acquiring the majority ownership. Moody's said it would cost the government US$250 million to regain majority shares.
But Christie told the Caribbean Media Corporation (CMC) during a meeting in Miami late last month that the challenge is to be able to convince Cable and Wireless that it would be in their interest to sell the shares.
According to the Prime Minister, we acquiring BEC will be able to give the people of our country a very clear indication that we are making the right decisions with respect to our national institutions, whether it's BEC, whether it's BTC, whether it's water corporation or whether it's Bahamas Air.
'via Blog this'
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