A prevailing national disaster

Feb 10, 2020 Letters

DEAR EDITOR,
The GT&T Monopoly is a saga mired in decades of controversy. I remember clearly GT&T being divested – 80 percent to ATNI and the state retaining 20 percent by former President Hoyte. This is the company that was sold with money in the bank and given a Monopoly for 20 years – a clear indication that the Government of the day did not know what it was selling or perhaps this deal was a cash cow for some people. The agreement, in my understanding, granted the company an OPTION for renewal for a further 20 years when the first time span would have expired in 2010. I don’t know in what language the word OPTION is interpreted as meaning guarantee. If my memory serves me correct, I am certain I have heard former President Jagdeo saying, “That is why I will break the GT&T Monopoly” – amidst cheers at one of his election campaign – himself complaining of being disgusted with the poor service. Instead, in 2010 his government granted 20 more years extension on the Monopoly to ATNI. Why didn’t Jagdeo break the Monopoly when the opportunity presented itself? Maybe it was his eureka moment…
Our political system is so deranged! The people give a party a mandate to govern and automatically the properties of the state are being treated as the belongings of the few in government. Without any consultation, the state’s 20 percent share in GT&T was sold to a Chinese company because it was reportedly felt that US$30 million was a good price. Truly speaking, this is an absurdity that has become a modus operandi.
Without consultation, our vested interest in our oil resource in a PSA with Exxon was sold for a mere pittance and GuySuCo was saved only because a buyer was not found.
Back to the point, according to a KN article last Sunday, “The current administration has been negotiating with GTT over the past four years for an agreement to end the monopoly.” This is all balderdash! Four years! These folks are known for violating the Constitution without flinching a muscle! You have to be utterly silly not to see a sinister trend.
The KN article stated that ATNI is worried “about the loss of revenue that would result were it to lose this monopoly.” Who gives a damn! The knowledge that ATNI is offering cheaper and better service in the Cayman Islands makes the Monopoly an albatross around the public’s neck.
ATNI expressing that “it has informed the SEC that revenue loss is already taking place due to a decrease in customers”, is troubling. ANTI is trying to give the impression that the SEC is expecting a constant; “set in stone” 23 percent of its yearly revenue from GT&T and any shortfall will incur consequences from the SEC. On the contrary, the yearly report is to inform investors via the SEC about the financial status and profitability of the company so they can choose whether to sell or keep their shares. The SEC is about creating a level playing field and educating and protecting investors from unscrupulous brokers and companies. The SEC will never tolerate a Monopoly where one is not wanted on American soil. Why should our government tolerate one here?
Rudolph Singh

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