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Feb 11, 2016

N.T.U.C.B. Says No to Santander Loan

The S.S.B. loan to the Santander Group is a done deal – at least as far as approval is concerned. The application was made way back in October 2015, and following the recommendation of the Investment Committee, the Board of Directors of the S.S.B. approved it on January twenty-eight. That’s where it is at this point, and if the N.T.U.C.B. has its way, that is where it will stay. President Marvin Mora told News Five that they have been meeting with other stakeholders and members and so far the position is a firm no. 

 

Marvin Mora, President, N.T.U.C.B.

“Both of our reps at the Social Security Board and the one at the investment committee for S.S.B. have voted no. So that is one thing that I can definitely tell you. Both of them basically realized that they could not be in favor of this particular loan.”

 

Mike Rudon

“But going further than that, what can the N.T.U.C.B. do? What is the N.T.U.C.B.’s position on that loan being approved?”

 

Marvin Mora

Marvin Mora

“I can speak a little free on that because in terms of having a meeting to formulate a solid position, we’ve attempted that today. It was a good meeting, we had wide discussions on it—the discussions were good—but most if not all of the members were still in favor of what the reps voted for. So it seems to me that the position still is not being in favor of the approval of that loan.”

 

Mike Rudon

“Is this a galvanizing issue? I ask because we have seen the N.T.U.C.B. put out release on issues and that is as far as it goes—there is one release and it blows over like a lee breeze.”

 

Marvin Mora

“It all depends on several things there and one of the things that it would depend on is if the public outcry follows the direction of the N.T.U.C.B. and the government still goes ahead or the S.S.B. still goes ahead and proceeds with the disbursement of that loan, which we heard Doug Singh express that they have about a two weeks period where they would want to hear the public’s position. I can tell you that so far, no one that we’ve met—even in our union membership—is in favor of it.”

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4 Responses for “N.T.U.C.B. Says No to Santander Loan”

  1. Jason says:

    Santander-just pack up and leave SSB alone-let them and Belize contributors suffer by not doing any investing. Let them earn 1% at the bank-its just not worth it and thats why Belize can’t grow.

  2. Kay says:

    BLOODY HELL NO!!! How in the world SSB will be going all free willy with Belizean hard earn money!!! I have 20 hard years of payment with SSB and now some foreigner is just going to walk in an “borrow” MY money. HELL NO!! I don’t agree with that at all. So many small Belizean companies (that will keep the money at home) would want to have a chance at the loan opportunity and instead you give a foreigner. What is this? another Intelco waste of tax payers’ money. Yes the social security fund is just another tax in disguise. HELL NO!!! LEAVE MY RETIREMENT MONEY ALONE!!! INVEST IN LOCAL BUSINESSES!!!

  3. Belizean Pride says:

    I say NO to lending my SSB contribution to Santander!!!! Let all we Belizeans vote know only the fools will agree to yes.

  4. Kay is a Jackass says:

    Kay you are the person Jason in the above comment is describing. If Santander has invested 150 million US dollars or the equivalent of 300 million Belize dollars into the sugar factory, then it is darn obvious that they know what they are doing and that it is safe to invest social security money in that company. We need to invest the people’s money in solid companies. There is no way Santander can just walk away from Belize now. They have put enough money into thecompany for them to stay several lifetimes here in Belize.

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