BTL CONDEMNS GOVERNMENT ACTION AS OUTRAGEOUS ABUSE OF EXECUTIVE POWER

August 24, 2009

Meanwhile Telemedia issued a release in which it said, anticipating Government’s move of today it decided to approve a dividend of Telemedia’s shareholders of the entire issued share capital of Katalyst Developments Limited, the owners of Great Belize Productions Limited and Channel 5. The decision was made at a board meeting over the weekend. Telemedia said its board felt it was important that the television broadcasting company not form part of the nationalized assets and that the current shareholders of Telemedia which includes its employees and the Unions continue to have an unbiased voice in the media to stand up against quote “the hostile and illegal acts of the current Government” end quote. The Telemedia Board has approved immediate payment and distribution by way of dividends the entire issued share capital of Katalyst to Telemedia’s shareholders on the basis of one Katalyst share for every one thousand shares held in Telemedia.  Shareholders holding less than a thousand shares will receive a cash dividend of 17 cents for every Telemedia share held. In a second release issued late this evening Telemedia says it condemns the actions of government which is says is both unconstitutional and unlawful. Telemedia says in moving the bill in the House today the Prime Minister misrepresented the company.  It says the nationalization of Telemedia is clearly targeted at certain shareholders. It says contrary to the Prime Minister’s statements Michael Ashcroft is not one of its shareholders. The release goes on to say the Belizean public will not benefit from the decision to nationalize the company.  Telemedia says jobs will be threatened when the Government issues further licences and the value of the entitlements of the 450 employees in the 22% of Telemedia that they currently own are put at risk by Government’s actions. Telemedia says Government’s actions are heavy handed and draconian attempt to tackle the commercial dispute which arose in relation to the Accommodation agreement but which has already been resolved in the company’s favour. The release ends by saying one must not only question the motive of the Government’s actions but their wisdom.

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