The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A FORMER Bahamas Telecommunications Company (BTC) chairman has “no doubt” that its privatisation through the sale of a controlling 51 per cent stake was good for the Bahamian economy, as it eliminated politics from its operations.

Julian Francis, who headed the BTC privatisation committee, told an event organised by the Nassau Institute: “No questions about it at all. I have absolutely no doubt that it was a good thing for the economy.

“One can question whether, in retrospect, we got the right partner, one can have a view on that. But that the Bahamas should have privatised BTC, I have no doubt.”

The Ingraham administration in 2011 sold a 51 per cent interest in BTC to the London-based Cable and Wireless Communications (CWC) for $210 million plus Bahamian stamp duty of $7 million on the transaction.

Mr Francis added: “One of the benefits of doing that, apart from rejuvenating the company, shaking it up, bringing in new technology that companies need today, is that you take the company out of the hands of the Government.

“One of the terrible problems with small countries like the Bahamas is you just can’t extract politics from the running of these corporations.”

Since taking office, Prime Minister Perry Christie has appointed a four-member negotiating team to negotiate the Government reclaiming majority control at BTC.

The committee features Arawak Homes chairman Franklyn Wilson; former BTC chief executive Leon Williams; ex-Ministry of Finance legal adviser Rowena Bethel; and ex-attorney general and key confidant of Mr Christie, Sean McWeeney.