Belize moves to take over private BTL phone firm

BELIZE CITY -- Belize's prime minister has submitted a bill to congress to take over a controlling share of leading phone carrier Belize Telemedia Ltd., known as BTL.

BTL recently won a $38.5 million judgment against the government relating to the breach of an agreement signed with the previous administration. Current officials say that deal was illegal and have refused to honor it.

The lower house of congress approved the proposal to take over 94 percent of the company's shares, while paying compensation.

Officials hope the bill will be approved by the Senate and signed into law on Tuesday.

Prime Minister Dean Barrow says the government doesn't want to hold onto the shares, and will offer them to small investors.