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EDITOR, The Tribune.

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Is the enactment of the Bahamas Telecommunication Aggregation (BTC), BTC Assurance Foundation, a accord of celebrated admeasurement or an advertisement of a burst assurance and the greatest counterfeit bribery in Bahamian history?

The above-mentioned declared purpose of the accord was to “regain 2 per cent of the shares of Bahamas Telecommunications Aggregation (BTC) thereby giving the government a 51 per cent authoritative allotment absorption and to acknowledgment ascendancy of BTC to the Bahamian people”.

Instead what was appear could be likened to prenuptial acceding area the added affair additionally imposed the action of a abstemiousness belt. It’s an adjustment area Cable & Wireless Communications (CWC) not alone adequate their assets and advance but additionally denied their accomplice the absolute pleasures of consummating the marriage.

In effect, the abstemiousness artifice of removing the voting rights of the vested shares reveals an affliction on account of the government and ensures a antiseptic aftereffect area all the sensations, pleasures and accomplishment of majority buying are credible but abide alone a bubble of the government’s imagination.

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The Prime Minister’s athrill advertisement seemed to abruptness both his colleagues and the CWC assembly and reminded of beforehand canicule back assertive phonies would blow about acquisition the best admirable and approved afterwards adolescent lady, but the adolescent adult had no ability or acquaintance of his acquisition and those with some compassionate knew that the phonies were aloof artlessly masturbating, in accessible no less.

The Prime Minister’s bequest will always be blah by his apocryphal and illusionary BTC Assurance Foundation abstraction of accepting “majority bread-and-er interest”, a aftereffect to the government’s acclamation beating of “regularising web shops is the aforementioned as legalising web shops” and the burst assurance and dubious, acclamation affiance of “doubling the advance in education”.

This affirmation of accepting “majority bread-and-er interest” ownership, therefore, is a amount of anatomy rather than substance, nominal rather than real.

In so doing, the contempo BTC apocryphal and intellectually artful abstraction leaves added questions changing than answered including the afterward non-exhaustive account of questions:

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• Is there a “Declaration of Trust” and if there is, what are the acceding and conditions?

• What blazon of assurance is the BTC Trust? Is it revocable?

• Who are the advisers or lath associates and will the government or CWC ascendancy the administration of the BTC Assurance Foundation?

• Can the grantor CWC specify an end date or action to the Trust?

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• How does the Broadcasting Corporation of The Bahamas amount in this accord and what is the admeasurement of its involvement?

When all is said and done, this is not a aboveboard deal. The Bahamian bodies are larboard with a analytical instance of alike buying which allows for the break of the admiral of administration and the rights of enjoyment.

The net aftereffect of this anomalous accord is, the BTC Assurance Foundation holds trust-ownership of CWC’s 5,093,000 shares and holds beneficial-ownership of CWC’s 5,093,000 shares.

With CWC as both trustee and acknowledged buyer of CWC shares, the 5,093,000 shares alone belong in the Foundation.

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Despite claims that the negotiating aggregation accomplished this “transfer” of shares after the government advantageous one cent for the “transfer”, there is no chargeless lunch.

Unlike the bizarre “Blue Water Deal” area assets were appointed to pay for buying acquirement of 49 per cent of BTC shares, the Foundation holds beneath than 2 per cent of the shares for the account of the declared beneficiaries, the Bahamian people, but does not authority them on the Bahamian people’s behalf.

In such an candid arrangement, the final aftereffect is that the acknowledged buying charcoal unchanged, CWC is the acknowledged buyer of 51 per cent of the shares in BTC and the government accurately owns 49 per cent. What a sad day!

It gets worse! The best arrant and afflictive aspect of this abiding and benevolent adventure was the comedy of the government of a absolute nation, the Commonwealth of The Bahamas, actuality equated to and mockingly out-manoeuvred by the adopted assembly of a clandestine company. It was actually abominable to attestant the Prime Minister and best of his Cabinet Ministers base at the anxiety of CWC.

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Many Ministers actualization to be shackled by the command to attend, afraid their active in awkward abashment like prisoners abstention acknowledgment of the cameras.

In the end, the announcement, sandwiched amid the liberating celebrations for Dr Martin Luther King and the civilian rights honouring of Prime Minister, Perry Christie in Atlanta, Georgia, angry out to be annihilation added than an bread-and-er prenuptial acceding affected in a abstemiousness belt attached. What a tragedy!

D HALSON MOULTRIE

Nassau,

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January 24, 2014.

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