And, if all that’s not enough to leave your head spinning, tonight, we are informed that Jeffrey Prosser will be trying to block BTL’s Annual General Meeting, the Chief Justice ruled that last year’s annual general meeting, held without inviting Special Share directors Prosser and Bobby Lubana, was unlawful. We take that to mean that if the board does the same this year, the same logic would apply. Well things may come to a head rather quickly because this year’s AGM is set for next week Monday.
And while a Prosser challenge is rumored, Prosser’s histrionics and threats have been heard many, many times before, so with just 2 working days to go before the AGM, we’ll wait and see where this one will go.
By the ruling of the Chief Justice, Prosser’s Belize Telecom should have two directors on the board, and a previous Court of Appeal ruling established that Prosser should retain the two directors that he appointed and the chairmanship. Those two directors were appointed by virtue of his then 37% holding – and the court held that they were never properly removed.
That Appeals Court judgement has not been overturned – and Fonseca’s SI 109 was a response to that decision – to accomplish by legislation – what could not be achieved through litigation. In fact in August of 2005, the Prime Minister told us as much.
[August 3, 2005]
Will the PUC move decisively to de-authorize the golden share that was, by the pronouncement of the Chief Justice, wrongly sold to Jeff Prosser for a $1, a dollar which he has not paid as well?
Rt. Hon. Said Musa, Prime Minister
“That is so. He has not paid for it and since we could not, it seems we cannot get it back through the judicial process, then it will require the legislative action that we took today to deal with that.”