Speednet–BTL Deal Highlights Concerns Over Trust Funds and Transparency

The proposed sale of Speednet Communications Limited to Belize Telemedia Limited (BTL) is raising renewed concern about how large sums of money linked to Lord Ashcroft–related entities may ultimately be handled.

In a press release dated January 12, 2026, the Office of Lord Ashcroft confirmed that Speednet is 77.5 percent owned by the Waterloo Group Charitable Trust, with the remaining shares held by Jaime Briceño and Renan Briceño. The Trust says it was created for charitable purposes to benefit Belizeans, and Lord Ashcroft stated that he has no economic interest in the Trust.

Under the proposed deal, BTL would purchase Speednet for BZ$80 million. Of that amount, BZ$10 million would be paid in cash, while the remaining BZ$70 million would be paid through loan notes issued by BTL over four years at an interest rate of 4.5 percent.

While the press release highlights potential benefits such as cost savings, improved efficiency, and stronger competition against global players like Starlink, critics are focusing on the financial structure of the deal and its wider implications.

These concerns are rooted in the 2015 Settlement Agreement between the Government of Belize and Ashcroft-related companies, which was later examined by the Caribbean Court of Justice (CCJ). Official documents and CCJ rulings confirmed that the settlement allowed compensation amounts meant for Belize to be reduced by broadly defined “liabilities.” These liabilities included not only legal fees, but also internal corporate loans and financing costs.

As a result, a large portion of money that the Government had expected would benefit Belize through charitable projects was instead used to cover expenses claimed by Ashcroft-controlled entities. The CCJ ruled that the agreement’s wording allowed this and that the Government had no veto power over how those liabilities were calculated.

Analysts now warn that the Speednet sale could give Ashcroft-linked structures even more freedom to define and deduct expenses. With BTL paying most of the purchase price through loan notes rather than cash, questions are being asked about how funds flowing from BTL to the Trust will be managed, and whether similar “liability” claims could again reduce the amount that truly benefits Belizeans.

Critics argue that the same loophole identified in the 2015 settlement remains a risk today: broadly worded financial terms, limited oversight, and incentives to maximize claimed costs. They say this raises serious transparency issues, especially given the public importance of BTL and the telecommunications sector.

Regulatory oversight will now fall largely on the Public Utilities Commission, which is expected to monitor prices and service quality. However, concerns remain that without stronger safeguards, Belize may once again see large sums move through complex financial structures with limited public benefit.