CWU not pleased with TATT extension to CWC

CWU Secretary General, Joseph Remy, says “this decision definitely flies in the face of logic and conveys to the CWU that (TATT) is lacking of testicular fortitude to take action against CWC, as contemplated by the conditionality’s outlined in the approval notice dated March 25, 2015.” Remy then quoted from section D of the approval notice, which stated that CWC “shall ensure the complete divestment of the 49 percent shareholding in TSTT within the time frame stipulated by the Authority, namely one year of the date of communication of this reconsidered decision, or such extended date as may be approved by the Authority in writing, such extension to not exceed a maximum of six months.” Remy added that TATT “went on to stipulate at D. (iii) that (it) shall take all steps as are available to it under the law in the event of any breach of these conditions by the Applicants or CWC, their agents or representatives.” In 2014 CWC began the acquisition process of Columbus Communications, parent body of Flow, a direct competitor to TSTT in the telecommunications market.

Within 12 months of the approval date of February 2015, with a provision for a 6 months extension, CWC was to have divested of its TSTT shares.

In a statement issued on December 29, 2016 Remy denounced the fact that it wasn’t until CWU “went public” in August 2016; 18 months after the concession was granted, that CWC still had not disposed of its TSTT shares as mandated, that TATT then gave a further extension to CWC.

TATT then gave CWC until December 31, 2016 to dispose of the shareholding, “failing which the TATT would use the powers enshrined in the Act to act in the best interest of the country. All this time, Cable and Wireless continued to benefit from dividends from both companies,” Remy said last month.

Now, three weeks later, Remy has issued a statement expressing the union’s disappointment in TATT’s aforementioned decision to grant yet another extension to CWC.

“The CWU is totally opposed to this latest extension that was cowardly granted to CWC,” Remy declared.

“We recall CWC boasting about its grand acquisition and its joy in having the opportunity to sell off its 49 percent shareholding in TSTT, which it considered a backward Company and one with a stubborn Union. Why then are they so hell bent on retaining their 49 percent shareholding and in the process, benefit from Dividends from TSTT, the same TSTT that they say was a disaster?” Hence the union’s demand on Friday (January 13) that TATT invoke the provisions as set out in its communication of March 12, 2015 and March 26, 2016 and in the process, “reject the application by Columbus Communications for a change of Control of its concession.” Remy made it clear the union was “tired of our independent national institutions pandering to foreign multi-nationals who do not have any interest whatsoever in the development of TT.”