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Jul 25, 2022

No Formal Letter of Objection Submitted by G.O.B. to Social Security Board

While S.S.B. is aware of government’s statement, nothing has been tendered in writing with respect of its objection.  C.E.O. Ruiz, nonetheless, explained the vetting process used to scrutinize Pharmacy Express’ application.  At the end of that series of actions, the Social Security Board says that is satisfied with the company having met the criteria for the loan.


Deborah Ruiz

Deborah Ruiz, C.E.O., Social Security Board

“I’m not aware of the nature of the objection as yet.  As you said, that indication should be coming to us this week.  So yes, it will merit consideration by the board, considering that it’s coming from a high profile entity which is the Ministry of Health and Wellness.  So yes, we will wait for that information in writing and then that will be tabled to the board for their consideration.  If a meeting is required then, of course, that is how we normally would facilitate as may be necessary. Normally once the application comes in, the investment services internal to S.S.B. would look at the business proposal, would look at the collateral that’s being put up.  They review the financials and in-house projections, they look at the loan agreements that may be in play, bank statements, articles of association.  All the required documentation is reviewed for completeness and then it goes to the Investment Committee, they also confirm that these things are available and they also look at repayability and the ability, based on the assessment that was done internally, at the risk of the loan, and then based on that scoring they determined at what rate they would consider the loan and that type of thing.  So that is what takes place at the Investment Committee.  So if any information is missing, it may not make the first round, it has to go back and, you know, they look at it and then there is a back and forth.  Of course, not all loans are unanimous.  I must tell you that this loan was not a unanimous decision, there was a back and forth in terms of the different scenarios contemplated, but at the end of the day it was a majority recommendation that went up to the board.”


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