How will NTUCB vote on Govt’s push for SSB to buy Telemedia Shares?
Government was halted by the Unions last Friday in its headlong rush to get the Social Security Board to buy twenty percent shares in Telemedia. Under the SSB Act, a meeting of the Board can only take place if the representatives of the business sector and the unions are present. With the union reps absenting themselves from the meeting, the Board could not convene to take the important vote on whether or not it should buy fifty million dollars in shares in Telemedia that were launched on October fifteenth at five dollars per share. A livid Chairman of SSB, Lois Young, accused the Union of bad-mindedness and sabotage and warned that if the Unions fail to attend the next scheduled meeting of the SSB, the government will have to fix the problem. It has not been lost on the unions that Young made a veiled threat that the Act would be amended to remove union membership from the Board if they continue to block meetings of the SSB.
The NTUCB did not wish to comment today but has issued a confidential release to its affiliates highlighting fourteen points which they want answered before they can make a decision on the investment. At the top of the list is the matter of the BTL Employees Trust, where directors Dean Boyce and Keith Arnold are seeking an injunction to prevent the sale of its shares. President of the Public Service Union, Jacqueline Willoughby-Sanchez, has also openly expressed concerns on behalf of the PSU over layers of litigation and a forty million dollar loan to the British Caribbean Bank that Telemedia has ruled unlawful; but which will have to be paid back. The NTUCB is also concerned about the profitability of the investment wants a review of legal advice that was given regarding unresolved legal action against the company and the government.
News Five spoke with NTUCB President Dylan Reneau earlier today and he suggested that Government may already be in the process of amending the SSB Act to remove the requirement that the social partners must be present. It is expected that members of NTUCB which include the Belize National Teachers Union and the Public Service Union will respond to the position it has taken.
why doest lois young be a real woman and make SSB take ownership of all the hospitals and clinic and use the millions to help out the ppl that pay the damn fees every month
than to invest in BTL and bail out barow dumb @##.
sick and tired that whenever barrow doesnt get his way he will go the distance to make things happen in his favor. this @#$% has got to stop we belizeans are being taken for fools. why would SSB need to invest in btl if its profitable on its own. when barrow took btl it was to end litigations but @#$$ it has just gotten more and more and more till its senseless and its we the belizeans that will suffer on the long road. i really do hate myself to have had voted for this @## of a PM ths no mek no sense we will die of devalutation soon my ppl
Keep up the pressure UNIONS .let them change all the laws .but stand up for what you belived in.this is a shame for the people of Belize who just sit back .Look at what they did with the rice farmers.They are the poor hard working people who need money.but ssb could not lend them .they had to go to the bank with that high intrest rate.Mr,Usher keep on fighting for ur farmers.help is on the way.Food they all need.I Guess the U.S.A. run the justice system there now.(for five millions $) you 2 lawyers Please don’t try n deprive the family ,He get what he deserved.you know that American will not bend to a country without a justice system.No one there can stop America .Always remember never put a hungry man in the kitchen.you know what happen he will eat out all the food.
This is the real process that take place as they muscle the Belizean people and their rights–they
can do it to the court/judicial system, to the education dept, health department then why not
SSB–Fill in the blanks” Well, it is our ——–or the ——-…”
this is bigger than it looks. GoB shoving down our throats the shares of a company that was illegally nationalized and has numerous complications and liens with litigations, unpaid loans etc. how can they promote this as a good investment? and how can they have the face to force SSB to buy into it? SSB need to hire outside experts about this one, or just walk away from it until all these pending issues get resolved. Would you put your money in something this fishy?…. well that is what is happening. SSB is all of us and our money.
di people need to go to the streets now before the sale. we protested PUP use of 30 million for Universal health Services. now this is 50 miliion. we need to wake up
Unions, you made your bed, you layed on it, now clean your dirty linen and fix your bed.
ITS SAD TO SAY BUT GOV’T HAS PROVED TIME AND AGAIN THAT IF THEY DONT GET THE RESPONSE FROM THE PEOPLE THAT THEY WANT, THEY JUST CHANGE THE LAW TO SUIT THERE OWN NEEDS.
KEEP THE PRESSURE UP UNIONS. THIS IS ANOTHER SHADY DEAL IN THE MAKING. I HOPE ORDINARY BELIZEANS SUPPORT THE UNIONS OR AT THE LEAST, ASK FOR MORE CLARIFICATION ON WHATS GOING ON AND MAKE UP THEIR OWN MINDS