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Feb 8, 2016

Briceño Questions S.S.B. Loan to Santander

The recent announcement of a twelve million dollar S.S.B. loan to the Guatemalan owned Santander Group is raising eyebrows. The company, headquartered in the Cayo District, is near completion of a mega-million dollar project to grow and mill sugar cane. The plan is also to produce power and sell it to the national grid. So with that level of foreign investment, why is the S.S.B. lending millions to Santander? Today, newly sworn in Leader of the Opposition John Briceño told News Five that it is a financial move that warrants serious scrutiny.

 

John Briceño

John Briceño, P.U.P. Leader

“We always support foreign direct investment. The Santander group has made a massive investment in Belize and we need to recognize that and support that. By extension that investment that they have done has already created a lot of jobs and can bring in more foreign currency into our country. I want to make that very clear. But when it comes to the loan from Social Security for twelve million dollars to Santander Group, the first thing that comes to mind is how secure is that loan. We have to make sure that we can protect the workers’ money because that twelve million dollars belongs to all of us who pay Social Security. We need to ensure that it is properly protected…that there are assets that are going to guarantee that loan, that God forbid something goes wrong that the twelve million dollars is properly secured and that workers do not lose a cent of their hard-earned money.”

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1 Response for “Briceño Questions S.S.B. Loan to Santander”

  1. Ricky Malthus says:

    SSB is not a bank and not in the loan business. This transaction must be abrogated. Santander is an investor and cannot take local money to enrich itself. This is an old trick foreigners use to recoup their money in Belize before walking away from bad investments down the road. Besides did Barrow approve using the people’s money and did he receive kickback like 10 points of the loan ? The people need to know!!!

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