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Jun 10, 2011

SSB approves $14.9 Million loan for Fresh Catch

A public notice caught our attention in a recent issue of the Star Newspaper based in Cayo. It states that the Investment Committee of the Social Security Board has recommended to the Board of Directors, the approval of fourteen point nine million dollars to a company by the name of Nature Fresh Belize Ltd for what it says is the buyout of the assets of Fresh Catch Belize and to provide operating capital. A viewer has pointed out that a recent SSB actuarial review recommends that investments of the SSB should not be done in companies that have been declared bankrupt and in receivership. Investments in commodities that are traded in volatile international markets are high risk and would place the reserves of the SSB funds in jeopardy. Rather the SSB should be invested in a low-risk and diversified portfolio. And the portfolio should be as liquid as possible given the impending maturity of the fund.

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9 Responses for “SSB approves $14.9 Million loan for Fresh Catch”

  1. Johnson Richards says:

    Another UDP stalwart gets funding. What hypocrites!

  2. Bz says:

    This is utterly ridiculous, they could not make it the first time around, what makes them think they can make it this second. This is our Social Security Money. Something stinks to high hell.

  3. Earl Grey says:

    This is AN ABUSE OF THE PEOPLES MONEY……..SOCIAL SECURITY is to SECURE SOCIETY……NOT BUSINESS!!!!………….No wonder society seems to be falling apart.

    SOCIAL SECURITY IS NOT THE GOVERNMENT’S PIGGY BANK…… to shake whenever you need money.

  4. Oscar965 says:

    This is another bad investment of the hard earned money from all working Belizeans. I am sure that there is a political connection to this. It is sad that Social Security makes so many bad investments and tries its best not to pay back when someone claims sick leaves. They have stupid rules like having fours days to hand in your sick paper or else you are out of luck. If you are sick and you show up to work for more than 15 mins then you do not get paid for that day. And i could go on and on….I have spoken to an x social security employee who tell me that they get trained not to hand out claims. It is sad but we have nothing better. Social Security …STOP GIVING OUR MONEY AWAY and start paying out better claims because the little you pay out now is not enough!!!

  5. Lisa says:

    Isnt this the same crowd that voted agaisnt the private investment in BTL shares? that the investment was risky, that it was public money in a private enterprise? then turn right around, ask for public money for their already proven failure? they have some never and UDp are fools to pass that-this is the same mena family that now owns the airport and supplied BEL with lamposts for years-now 2 bankrupt parties in bed together. What a bunch of scams-and to think-this guy was a former president of the Chamber. Any why the secrecy? why the notice if the deal is already fiat accompli?

  6. Say Muda says:

    The poor people get $#!% and the businessman gets the $haft.
    Only the top shots of the SS live the high life with nice vehicles, huge payrolls and luxury lives.
    If a poor man get sick he has to run around like a stupid @$$ just to get a fraction of his pay.
    When he retires he gets so little money from his pension that he has to find work on the side to live.

  7. ivan cal says:

    shame on this UDP government,what do we Belizeans get out of it? They GOB are waisting OUR hard earned Social Security Funds just like if it was their personal bank acct,something must be done this is a slap in the face of the Belizean people,we need to stand up NOW,this UDP government has gone toooooo far because we tolerate them to bully we……………..ENOUGH IS ENOUGH. BARROW MUST GOOOOOOOOOOOOOOOOO.

  8. DT says:

    On the other side of the coing – SSB has to invest somewhere to make the money work for them. This loan will earn interest, and if the Menas default, SSB can seieze all the assets that were used for the loan. Land, properties etc. The total value of the assets used as collateral had to exceed the loan, or there would have been no deal.

    Either way, SSB will not lose the 14 or so Million.

    Mind you, I do agree that they should concentrate on making claims easier for their contributors, and increase what can be paid out, especially for those paying the highest contributions, based on their wages, only to be capped to $350.00 a week! Totally unfair.

  9. carlos says:

    So many companies going broke but what is the real problem? Look at a larger picture for example that of the BEL. The company cannot survive because of expenses and no company would , a business is a business. What the government should be doing is improve the economy, more jobs , more money in circulation, and then people will have more to pay their bills and these companies will be able to survive. But if there is no jobs, no money, people cannot meet their bills and many other businesses will go the same direction. By the way there are hundreds of businesses that have closed already. This means more unemployment.

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