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Why BTC dividends under Ingraham and Minnis – but paid under the PLP government? When will the media tell you this?
NASSAU | The Bahamas News is digging into the financial books of Bahamas Telecommunications Company (BTC) and we have some questions.
The question is as follows: Why in five years, despite BTC making huge profits, not a single cent was paid to shareholders (the Bahamian government) under the Minnis FNM government? Why? What is going on?
For example, back in 2019 before the pandemic, the company made approximately $207.3 million, but under Minnis’ FNM government, the company has not paid a single cent to the Bahamian people! Why? Who got the money?!
In 2020, there are some BTC generated $181.1 million in revenueBut again we ask: Who got the dividend cheques, since the Bahamian government paid nothing? When Minnis came to power. Who gets our dividends?
In 2021, BTC’s profit is $189.9 millionThat year, Davis’ PLP came to power. BTC paid out about $50 million to shareholders. But let’s think seriously about whether BTC can generate profits (although profits have declined since BTC was launched). Sold under Hubert Ingraham’s FNM), why were the shares not paid out during Minnis’ FNM tenure? Who got the money? No wonder the former CEO mocked Minnis. What’s going on?
Speaking of Ingraham, BTC was sold under the Ingraham administration between 2007 and 2012. BTC has failed to pay any dividends to taxpayers in five years. Why?! Why are dividends paid only when the PLP government is in power?
Since Prime Minister Davis took office, BTC has paid out over $100 million in dividends to shareholders (the people of the Bahamas).
On the surface, BTC will only respect shareholders when the PLP government is in power!
One more question: Why didn’t the Daily Dead Dinosaur report this fact about the phone company for all these years? What happened here?! We have a lot to say!
We report yinner’s decision!
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