Nassau, Bahamas - Enclosed is a Statement by Cabinet Office on Sale of BTC.
It is time to bring an end
to the deceit that is now becoming a national debate regarding the
Government's decision to sell 51% of the Bahamas Telecommunications
Company (BTC) to Cable and Wireless Communications (CWC) and its
comparison to an earlier decision to sell 49% of BTC to Bluewater
Ventures.
Price Comparison.
The price agreed with Bluewater was $260 million for 49% of BTC. But
there was a net balance of approximately $70 million of BTC's cash in
its bank account at the end of May 2007. There was no allowance in
Bluewater's offer for this cash to be removed from BTC...