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Aug 9, 2004

Chamber calls for reforms at S.S.B.

More heat continues to come down on the Social Security Board for what appears to be a series of unusually favourable loans to companies controlled by INTELCO Chairman Glenn Godfrey. Today a release from the Chamber of Commerce, whose members occupy two seats on the S.S.B., called on the Board to make public details of investments and loan guarantees it has made to private companies and other bodies.

Expressing “great concern” over possible large-scale risk of Board funds, the release reminds the S.S.B. that public disclosure is one of the recommendations of the Social Security Reform Commission still awaiting implementation. The Chamber further called for a special financial audit of Social Security’s lending and investment portfolios to determine the extent of the Board’s exposure.

The two Chamber representatives on the S.S.B. are Cecil Arnold and Mike Polonio. According to the release, the loans in question were made prior to the Chamber’s representation on the Board.


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