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Aug 11, 2004

S.S.B. release says funds are safe

While the U.D.P. was clearly on the offensive, the Social Security Board today attempted to mount a defence, following almost two weeks of being under hostile fire. Unfortunately, instead of providing the full and detailed disclosure requested by the U.D.P., various civil society organizations and members of its own board, not to mention a P.U.P. cabinet minister, the S.S.B. release offered little beyond unsubstantiated assurances that the Board’s assets were safe. It also made the almost bizarre admission that it had “received assurances that with the impending sale of INTELCO, proper arrangements are being made for the assumption of the Godfrey Group of companies’ debts. Social Security will also ensure that it is repaid the five point six million Belize dollars which it has paid on behalf of these securities.”

It is understood that the S.S.B. will soon provide Cabinet with a detailed breakdown of the Glenn Godfrey loan portfolio, what guarantees were provided, collateral secured and perhaps equally important: what actually happened to all those millions of taxpayers dollars.

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