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Jun 14, 2011

Cabinet says it does not approve loan investment by SSB, but SSB is autonomous

Cabinet met today in Belmopan. One of the issues that it dealt with was a loan of fourteen million dollars, recommended by the investment committee of the Social Security Board to a company Nature Fresh Belize Limited, which was formed after Fresh Catch, owned by the Mena Group, went into receivership. According to a Cabinet release, it reiterates “the administration’s stance of complete respect for the autonomy of the SSB, which is subject to its own mandate and laws and does not act at the behest or directive of Cabinet.” But it says that while Cabinet does not approve the loan, the SSB decision is one that SSB alone is entitled to make and one that it will make in good faith. What it all means is that the board, which is chaired by Attorney Lois Young, may likely proceed with the loan of fourteen point nine million dollars.

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7 Responses for “Cabinet says it does not approve loan investment by SSB, but SSB is autonomous”

  1. Lindsay Howard says:

    Hmph. Cabinet is not supposed to interfere with administrative decisions of the Lands Department either, but when has THAT stopped them?

  2. EMS says:

    Manipulation! Deceit & Deception!

  3. mylegacyb4mypeople says:

    SSB using the workers money to invest in a failed company, I hope that there is absolutely no issues when it comes to social security payments to workers and that this loan is fully colllateralized and there are specific agreements pertaining to the repayment and draws on this loan which will protect the interest of contributors to S.S. also that SSB has proper voting rights in this company and that this in not based on who you know, GOB needs to stop it’s sham as if though they are against this loan who do they think they are fooling. Remember, My Legacy B 4 My People.

  4. InsultedSSBemployee says:

    How can the SSB Board invest $14.9M when the the staff is in mediation process for a salary increase? SSB management is doing all it can to avoid giving the staff a raise which was due from 2008. What about investing in the staff that work hard to ensure the successful running and safeguarding of the funds? SSB officers, WAKE UP!

  5. really? says:

    So how come the board was not autonomus when it purchased shares in BTL. lonne lie mr barrow

  6. Justice says:

    This is people’s money that they depend on in the future, why play with it! Lois Young does not need to worry as she already got millions with the help of the Pm who just carries extra weight on his shoulders. That loan should not be granted!!

  7. KISHORE MAKHIJANI says:

    I THINK THE INVESTMENT COMMITTEE IS TOTALLY OUT OF LINE IN TAKING SUCH A BIG RISK CONSIDERING THE TRACK RECORD OF THE COMPANY.
    THE INVESTMENT COMMITTEE IS DEFINATELY NOT THINKING OR THINKING ABOUT THEMSELVES ONLY!
    THEY SHOULD RATHER INVEST IN SMALL COMPANIES WHO WOULD EVEN GIVE A BETTER RETURN AND THE RISK WILL BE DIVIDED.
    THE SAME 14 MILLION CAN BE GIVEN TO 20DIFFERENT COMPANIES IF RETURN ON INVESTMENT IS THE CRITERIA.
    I CALL THIS CORPORATE(FIANCIAL) MAFIA.

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