Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Featured, Miscellaneous, People & Places » $12 Million from S.S.B. Approved, But Not Disbursed to Santander
Feb 9, 2016

$12 Million from S.S.B. Approved, But Not Disbursed to Santander

Singh reiterated that the Board cannot even look at an investment until the Investment Committee recommends it after due diligence. That was done, and the Board of Directors reviewed it in late January and gave a stamp of approval. That’s where it is at this point…pending a loan offer and an acceptance. But even with all that movement at the S.S.B. level, Singh explained that no move will be made if contributors do not support it.

 

Douglas Singh, Chairman, Social Security Board

“After a loan has been approved there’s a two week period that you do publication, and that two week period is for several things. It is certainly for transparency so the public is aware of what Social Security is investing in, and also in my mind it gives the public an opportunity to weigh in. Normally we do not issue a letter of loan offer until after that period. I believe that there might have been one or two circumstances when it might have been before – not disbursement but certainly at least a loan offer has gone out. We’re not allowed to disburse any funds until that period has been completed. If there is a fundamental objection on the part of the public who are the contributors to the funds it is the Board’s obligation to review it, to look at it and to make changes if necessary, to revoke it or not to issue an offer at that point in time if that’s the circumstance, and that’s exactly how it will be with this particular loan.”

 

Douglas Singh

Mike Rudon

“Do you think the outcry is perhaps a little bit premature or maybe based on less than comprehensive or accurate information?”

 

Douglas Singh

“I think it might be as a result of lack of information. I wouldn’t say it’s premature. I certainly think that people need to voice their opinion early in any kind of a process so they can be heard, and you certainly need to do it before actions are taken that you may disagree with. You don’t wait until after the fact. I think it’s too late then. So I think people have every right to ask questions. I certainly think that there may be a lack of information but that’s really how the system is designed. Lending is a private business to a great extent. Banks do not disclose information about what they do with their customers. That’s not the circumstances with social Security. This is public money and I think people have a right to get more information. I think to a great extent most people might not be as interested in the details of others. This one though perhaps more so that the rest certainly because the borrowers…while it is a Belizean company most of its shareholders are not Belizeans.”

Be Sociable, Share!


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

3 Responses for “$12 Million from S.S.B. Approved, But Not Disbursed to Santander”

  1. Kishore Makhijani says:

    WOW!
    What a shame!
    SSB DOES NOT TRUST THE CFZ WHICH CONTRIBUTES A LOT TO SSB ITSELF BY EMPLOYING ALMOST 3500 BELIZEANS AND CONTRIBUTES 11 MILLION BELIZE DOLLARS BY WAY OF SOCIAL FEE FOR TWO MILLION BELIZE DOLLARS BUT GOES AHEAD AND APPROVES TWELVE MILLION FOR SANTANDER.
    GOD BLESS THEIR JUDGEMENT!!!!!!!!!!!!!!
    VIVA BELICE!!!!!!!!!!!!!

  2. Rose says:

    If its public money then why the hell cant the public access it when needed???? You always hear of contributors telling their stories about approaching the SSB for assistance in time of medical emergencies and always being turned down. Yet all the bloody aliens who live in this country illegally not only get monies on a monthly basis but are treated much better than us hard working Belizeans. And to top it off, this company is Guatemalan – need I say more? This is an outrage and a travesty!!!

  3. Belizean Pride says:

    SSB whoever runs this things are scammer because we Belizeans pay our contributions but when we need our compensations we’re turn down due to lack of finance available but now they have so much to lend over to a guatemalan company in which I feel disrespected fully. Mein lone stupid people the mess up our country. SSB never has money for us but to lend yes and not in hundreds but millions. What if all of us Belizeans stand up and don’t pay our SSB for a month country wide and see what the heel is the GOB going to do since they are the ones who control SSB.

Leave a Reply

CAPTCHA Image
*