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Jun 21, 2016

Is S.S.B. Interested in $55 Million Worth of G.O.B.’s Utility Shares?

Is Government broke? A recent report from the IMF raised alarm bells painting a dismal economic picture and recommends retrenchment and increased taxes. And tonight, we can report that G.O.B. wants at least fifty million dollars of Social Security money. News Five has been able to confirm government’s scrambling to raise money by seeking to divest large blocks of its shares in B.T.L. and in B.E.L. – to the S.S.B.  The offer to S.S.B. came directly from Prime Minister Dean Barrow via letter, and it queries if the S.S.B. would be interested in buying ten million dollars-worth of G.O.B. shares in B.T.L. and forty-five million dollars-worth of G.O.B. shares in B.E.L.  The PM also puts in a sweetener, reminding the S.S.B. of the high returns it has gotten from prior investments in both utility companies. The letter ends with the PM stating that if the S.S.B. is interested, arrangements can be made for a special placement of shares and an agreement on price per share. This afternoon, the Investment Committee of the S.S.B. met in Belize City to decide if indeed the S.S.B. would be interested in buying the shares from G.O.B.  At five this evening, S.S.B. C.E.O. Richard Flowers emerged from that meeting. He wasn’t happy to see us waiting there, and he wasn’t prepared to talk about the multi-million dollar investment which will have to go before the S.S.B. Board for approval.

 

Richard Flowers

Mike Rudon

“Sir could we get a couple words with you on the fifty million dollars that government is asking for from S.S.B.?

 

Richard Flowers, C.E.O., Social Security Board

“Not at this time.”

 

Mike Rudon

“But can you confirm that that is the truth; that they are requesting fifty million dollars? Nothing? No confirmation?”

 

Richard Flowers

“No.”

 

Mike Rudon

“We have gotten it from the chairman of the S.S.B.”

 

Richard Flowers

“Well speak to him.”

 

While Flowers stayed mum, News Five spoke to S.S.B. Chairman Doug Singh who confirmed the request slash query from the Prime Minister. According to Singh, S.S.B. has about one hundred and fifty million dollars in accounts which do not yield more than a three and a half percent return. He told us that last year S.S.B.’s investments in B.T.L. yielded an almost ten percent return, while investments in B.E.L. yielded almost eight percent. Still, as was proven in the Santander investment which folded due to public pressure, where the people’s money is concerned it’s not all about what looks good in black and white.

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6 Responses for “Is S.S.B. Interested in $55 Million Worth of G.O.B.’s Utility Shares?”

  1. Timber says:

    And the truth is finally coming out. I’ve blogged about this in the past few months and over the last year or so. I used to be in the financial industry before settling in my current profession. I’ve been saying, Belize is BROKE! This government, through hustle, vindictiveness, bad investments and borrowing have run this country to the ground. I wish I could recall my blogs, especially on the Petro Caribe mess. This programme wasn’t used wisely and not in the best interest of Belize. But you had the likes of Joe Bradley and some of these ignorant fools out there jumping up about streets being paved. Look at the streets now and look at the water that settles when it rains for half hour. This country’s issues have just started.

  2. Timber says:

    Also, when SSB buys those shares, where will it get the money from? From which source? How will they advertise these stocks and turn them into viable investments for people to buy? SSB’s coffers will be dry. They already can’t account for some of the local folks payments. These stocks would have to be advertised on the international market and no one who has read the Moody’s Standards and Poor’s and the IMF’s reports on Belize’s financial situation will take that risk. Prediction? BTL is going to go right back to LORD ASCHROFT AT AN EVEN LOWER RATE, BEL will probably have him getting majority shares. Guess who’s going to profit again in all of this, Dean and his thieving law firm along with Darryl who will be the attorneys signing off on the transfers. Da Good FU UNNU IGNORANT CRUFFY! I digress.

  3. steven says:

    Another cash cow about to be raped. Wow will this never end. Now my social security weekly $9.55 will be used by this current G.O.B. Belizean Voters are such fools…they sell themselves like cheap and hungry whores. Most of them can only see what is in front of their faces…never planning for tomorrow. Sad, but then we have the UDP and PUP Governments that both rape and pillage our money away. Today its the red…tomorrow will be the blue….but it wont’ end…as long as the voters say yes to all the millions given in bribes…the best is indeed yet to come….

  4. Hatari says:

    GOB is financially defunct. And they just keep on borrowing and wasting money. You elected these inept bureaucrats. Now all of us will suffer.

  5. Belizean Pride says:

    After they rape SSB the gov scum will raise the pension age to 90 yrs with the same logo “certain rules applies” to those that have a possibility to receive any. So what will we the payers of ssb be benefit from this scam? It after a certain time the gob would say well lets share the profit SSB with all the SSB payers a certain % would b great but bet they would raise the SSB rate for us to pay more eventually. mein this gov. really sucks but people are so dumb better turn to another third party and leave this PUDP scums alone to wrought in what they have thief from us Belizeans.

  6. Steve says:

    This is why I DON’T contribute a single cent to Social Security. I rather save my money and put it on one side when I get sick and need it for my medical attention. Or I invest it myself and see the fruits of my labor.

    Social Security should stop being mandatory for employees. That institution is just being mismanaged and raped by the senior management. Even their own employees are discontent for seeing so much abuse by senior staff.

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