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Nov 24, 2023

U.D.P. Calls for Immediate Resignation of S.S.B. Board

Last night, we told you about objections from the board of directors of Travellers Liquors Limited and Cuello’s Distillery regarding a proposed nine million dollar loan from the Social Security Board for the construction of a rum distillery in the north.  Those funds, taken from contributions paid in by workers, would be used to finance a business venture by Waldir and Irlanda Cuello.  Today, the United Democratic Party has chimed in on the issue, calling for the immediate resignation of the existing board of directors at S.S.B.  A statement issued by the opposition this evening reads, “the Investment Committee continues to green light questionable and risky loans that no commercial bank would even entertain.  The more than nine million dollars loan to Belize Premium Spirits and Liquors Limited is just the latest in a series of proposals that should have been dead on arrival.  As the formal objectors, Travellers Liquors and Cuello’s Distillery, pointed out, the prospects of success for a fifth distillery in little Belize is extremely low, even more so since Premium Spirits and Liquors will be the subject of lawsuits for breach of trade secrets protection and other trade violations.  This committee repeatedly puts the social security funds of Belizean workers at risk by not exercising due diligence when presented with get rich quick pitches”.

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