The Tribune

The Bahamas Telecommunications Company’s (BTC) line staff union has urged the Government to protect the value of its shareholding and commit to selling this to Bahamian investors.

Dino Rolle, the Bahamas Communications and Public Officers Union’s (BCPOU) president, effectively urged the Minnis administration to intervene in the communications provider’s management given that it was in its financial interests to do so.

Speaking after the BCPOU and executives from its fellow BTC union, the Bahamas Communications Public Managers Union (BCPMU), last week met with Pakesia Parker-Edgecombe, parliamentary secretary in the Prime Minister’s Office, Mr Rolle renewed his attack on comments made by the company’s chief executive, Garry Sinclair.

Mr Sinclair had last week told Tribune Business that under-performing BTC staff should be “anxious” for their jobs given the company’s need to respond to Aliv’s competitive threat, but Mr Rolle retorted: “Not only are the comments counterproductive and demoralising to staff, the poor management and fledging decline in revenues is detrimental to the Government’s interests, as they are the majority shareholder for BTC.

“To protect its investment, the Government must act to preserve the share price of BTC and commit them for sale. After all, the sale of BTC shares to the public is in keeping with its election commitment to Bahamians.”

The Ingraham administration had pledged a gradual sell-off of the Government’s then-49 percent stake in BTC following the 2011 privatisation that saw Cable & Wireless Communications (CWC) acquire a then-majority 51 percent interest.

An initial nine percent tranche, worth around $36-$37m, was initially earmarked, but the 2012 general election saw the election of the Christie administration, which reversed course and sought to “regain a majority stake in BTC for the Bahamian people”.

The deal eventually worked out with CWC saw a two percent shareholding deposited in the BTC Foundation, which was created to finance “good causes”. While the Christie administration could claim it had regained majority control, CWC retained the largest equity stake and board and management control.

Mr Rolle, meanwhile, quipped that “we’ve seen this movie before” in relation to Mr Sinclair’s comments. He added: “Everyone would recall, Arthur Barnett, former chairman of BaTelCo, who was appointed in 1992. He became famous for his statement: “Work or be fired’.”

He added that BaTelCo suffered its first net lost under Mr Barnett, only for results to turn around when Albert Miller was appointed chairman. “Eerily, history has a way of repeating itself”, said Mr Rolle.

“BTC’s current chief executive, Garfield Sinclair, made similar declarations about BTC’s staff to the public. Not surprisingly, he, too, is on-track for being the first chief executive in the 2000s to lead the company without turning a profit.”

Ricardo Thompson, president of the Bahamas Communications Public Managers Union (BCPMU), added: “Mrs Parker-Edgecombe was attentive to the concerns outlined by the unions”. These, he said, include the negotiation of a new industrial agreement; past due overtime payments for staff; and adherence by CWC to the privatisation agreement to preserve Bahamian jobs.