From BTL to SMART, from Ashcroft to Briceno—why the real owners of Belize’s communications future have always stayed the same.

By: Omar Silva Editor/Publisher

 and Nick Pollard: Contributing Editor

National Perspective Belize Investigative Desk

www.nationalperspectivebz.com

Belize City: Wednesday 17th December 2025

Special Feature

1. Introduction: One Monopoly, Many Masks

For more than two decades, Belizeans have been told a lie in different uniforms—that nationalization means liberation, privatization means progress, and that the telecom wars were battles fought for the people.

But the reality? It was always about control. And whether the names were Ashcroft, Musa, Prosser, Barrow, or now Briceno, the constant has been this:

The Belizean people keep paying for the same asset—BTL—again and again, while an elite few control its profits.

As BTL, now government-owned, moves to acquire Speednet (SMART)—which is still reportedly majority-owned by Ashcroft interests—the wheel turns full circle.

This article exposes how we got here… and why no one has ever truly left the telecom throne.

2. Phase I: Ashcroft, Musa, and the Rise of BTL (1998–2003)

In the late 1990s, Carlisle Holdings Ltd., controlled by Lord Michael Ashcroft, took majority control of Belize Telecommunications Limited (BTL) after privatization moves by the People’s United Party (PUP) under PM Said Musa.

By the early 2000s, Ashcroft had firm control. But as dissatisfaction grew over BTL’s monopoly and pricing, the Musa government tried to break that dominance—introducing Intelco, a state-backed competitor spearheaded by Glenn Godfrey.

But the Intelco experiment would become a financial disaster.

3. Phase II: Intelco Fails, the Public Pays (2003–2005)

Intelco struggled to deliver service, defaulted on loans, and collapsed—leaving a BZ$30 million black hole guaranteed by the Social Security Board (SSB) and the Government of Belize.

In a backroom effort to clean up the fallout, the GOB brokered a secret deal in 2005—the “Accommodation Agreement”—allowing BTL to:

• Absorb Intelco’s assets, and
• Withhold tax payments if it didn’t meet target returns.

This sweetheart deal allowed BTL (still under Ashcroft control) to assume Intelco’s debt and receive immunity from taxation—essentially rewarding the monopoly for outlasting its state-sponsored competitor.

4. Phase III: Prosser’s Broken Promise (2003–2006)

In a politically desperate move, the GOB attempted to sell both its shares and Ashcroft’s to a U.S. telecom investor—Jeffrey Prosser of the ICC group.

But Prosser failed to deliver on payment, defaulting on the share purchase deal. Under a clause in the GOB-Ashcroft agreement, Ashcroft was able to reassert control via buy-back rights and legal mechanisms.

Behind the scenes, Ashcroft entities like Mercury Communications and Sunshine Holdings began quietly repurchasing shares—some with SSB-backed loans and GOB support.

Conclusion? GOB lost control. SSB lost millions. And Ashcroft was back in the driver’s seat.

5. Phase IV: Nationalization—but Not for the People (2009–2015)

In 2009, Dean Barrow’s UDP government, riding a populist wave, nationalized BTL via constitutional amendment—claiming Belizeans had reclaimed their birthright.

But this seizure led to international arbitration, where courts ruled the takeover illegal and demanded compensation.

By 2017, the Government of Belize had paid over BZ$557 million to Ashcroft’s companies—mostly in US dollars—including:

• Value of the seized shares,
• Legal fees, and
• Even a US$22.5 million loan BTL had taken from an Ashcroft bank to buy its own shares.

So while Barrow claimed victory, Belizeans were saddled with foreign debt and no discernible benefit.

6. Phase V: SSB Becomes ATM for Elite Telecom Wars (2010–2024)

In 2010, the SSB purchased 10 million BTL shares for BZ$50 million, increasing its stake over time to 34.3% by 2024.

But these investments were:

• Overpriced, with share values above market rate,
• Lacking in public accountability, and
• Politically motivated.

While GOB and SSB preached “strategic investments,” the truth is that public workers’ retirement funds were used to finance the telecom tug-of-war between elites—never for the benefit of Belizean consumers.

7. Phase VI: Now in 2025 – The Final Merge?

Today, we learn that BTL is in talks to acquire SMART/Speednet, still reportedly majority-owned by Ashcroft’s Waterloo Charitable Trust.

This means:

• The GOB may once again pay Ashcroft—this time quietly—to acquire a company born from the ashes of BTL’s nationalization.
• No transparency. No tenders. No anti-monopoly review.
• And no money. BTL, GOB, and SSB are all financially constrained, raising serious questions about how this deal will be financed.

If this acquisition goes through, Belize will be back to one telecom operator—a complete monopoly, this time cloaked as a national champion but run by the same political oligarchy.

8. Conclusion: The People Were Never Meant to Win

Across four administrations, two parties, and twenty-five years, the Belizean people have been used, taxed, and deceived.

They paid for:

• BTL’s privatization,
• Intelco’s failure,
• BTL’s re-nationalization,
• SMART’s rise,
• and now… possibly SMART’s reabsorption.

At every turn, elite players—Ashcroft, Briceño, Godfrey, Barrow—have extracted wealth through legal manipulation and political enablement.

And through it all, telecom prices never significantly dropped. Rural access never expanded. Service quality never leapt forward.

The great telecom con of Belize is not just a story of corruption—it is a system of engineered dependency designed to benefit the few.

🔔 National Perspective Demands:

1. Full public disclosure of all BTL–SMART negotiations.
2. Independent valuation and anti-monopoly review.
3. A forensic audit of all past telecom-related SSB expenditures and GOB guarantees.
4. A public debate and referendum before any merger is finalized.

Belizeans have paid too much for too little. It’s time the people take back what’s truly theirs—not in name, but in control.