Belize - Belize News - Channel5Belize.com - Great Belize Productions - Belize Breaking News
Home » Featured, Miscellaneous » Social Security Board still contemplating Telemedia shares
Oct 21, 2010

Social Security Board still contemplating Telemedia shares

The fifty million dollar question is whether or not the Social Security Board will make the investment in Telemedia shares. This Wednesday, the Board met to consider whether the fifty million dollar investment of pension funds is worth the while. Both Chairs of the SSB and Telemedia boards, Lois Young Net Vasquez, led the charge. But as far as we know the vote was not taken because members asked for more time to review the voluminous information provided in respect of the viability of the investment. In fact the position of both the union and private sector representatives were not to vote in favor at this stage. Instead, the Board will, in the next few days, meet with representatives of the Belize Chamber of Commerce, the Business Bureau and the unions to provide clarity on the investment. A decision is not expected until the end of the month. Two major concerns remain: the mounting legal challenges and the lack of assurances from the government to provide guarantees on the people’s money should it lose the legal battles brought on by the previous owners of Telemedia. Last Friday, Prime Minister Dean Barrow announced a reduced share price of five dollars per share which put the value of the company in the range of two hundred and thirty million dollars, way below the estimated value of three hundred million US at the time of the nationalization in 2009. So for now the story is that the social security board has still not decided to invest, which may be a good thing because questions are now being raised in respect of the prospectus.


Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

Advertise Here

5 Responses for “Social Security Board still contemplating Telemedia shares”

  1. rod says:

    who ever invest in a dis corrupt sceam deserve whatever they get .

  2. Cutty Ligiyaba says:

    SSB is doing the right thing—do it’s due diligence and do it for a long time —Let the laws

    become effective first and moreover there are other ways for SSB to invest those monies—Many

    Belizeans would appreciate a low interest loan to build a business that will benefit the Belizean

    economy–IF Telemedia wants some kind of bailout I believe they should at-least come forward

    and say this—The people’s money should not be used because it will be a loose loose

    situation, there is too much T’s to cross and I’s to dot—-Telemedia is unstable and until it fixes

    these sickness or rid itself of cancer then SSB can invest.

  3. reggie says:

    Good thinking Chember of Commerce ,Business Bureau and Union.It is good to know that you all are looking out for the poor people investment, But i know it is hard because you are facing Family member for the Leader Of the country.But hold you Grounds.Let the G.O.B. put this to a vote .It is the poor people money who they want to invest so they should have a say.I just hope the G.O.B. don’t have the power to change the Law and replce you with someone who will vote in favor.Like they are doing with the Justice System.Belize is rite now at Which Bridge to Cross which Bridge to Burn.Please don’t go for the purchase of the B.T.L. Shares it is money down the drain.Time to stop that.Remember the 30 Millions to the bus company .Don’t make that same mistake againg.

  4. reggie says:

    TO MY PEOPLE ALL OF YOU GO TO SMART LEFT B.T.L. USED SMART COMPANY.SO THEY WILL HAVE NO CHOISE AND BUY B.T.L BECAUSE THEY WILL NEED THE SERVICE .OR THEY INVEST IN THE COMPANY AND SAVE THE POOR PEOPLE MONEY.COMMONN SENSE. WHY DO WE NEED LAWYERS N EDUCATED FOOLS TO FIGURE THIS OUT.POWER TO MY PEOPLE N THINK .BUSINESS BUREAU . CHAMBER .UNION HOLD UR GROUNDS DON’T MOVE.

  5. Dee says:

    at this time, there should be no investment in BTL especially with poor people money. let barrow and his cronies take a pay cut to pay for his nonsense.with the ongoing battle and court war, BTL is loosing its viability. the profits are falling too much and if we loose our poor people barrow and his cronies will always get some sort of money. also why should Lois Young BARROW be apart of this team when she keeps emotional ties in gears, she and her daughter is benefiting more from this government than any other Belizean.

Leave a Reply

CAPTCHA Image
*