SSB votes to buy shares in Telemedia
At news time tonight, a vote has been taken by the Social Security Board on the fifty million dollars in Telemedia shares. According to the reports, the social partners comprising the unions, the Chamber of Commerce and the Business Bureau voted against the investment. The five representatives from the government, however, voted to support the investment which means that it will proceed. Given the negative vote from the social partners, it will be interesting to see how many others will be swayed to invest in the shares. The unions and private sector were not prepared to take a risk in the investment because of pending litigation and a myriad of other issues.
Congrat to the SOCIAL PARTNERS you guys did the rite thing,now here we go againg where is justice.why have you guy on the board if your vote don’t have power.Only the G,O,B,people have the power.well i hope the protest start today.wake up people all that money can be used to help the victim of Hurricane Richard.Guess the Hurricane hit belize so you guys can get ur money and help urself.But you all are so used to hands out. that you will sit down n let ur own money go to the rich.Get on Board with SOCIAL PARTNERS AND LET THE G.O.B. KNOW YOU ARE NOT GOING TO LET THEM USED UR MONEY.U NEED IT NOW.THE AMBASSADOR HERE IS ASKING FOR HELP FOR YOU ALL AFTER THE HURRICAN .AND THEY R GOING TO BUY SHARE FROM A COMPANY THAT IS SINKING .BEFORE GIVE IT TO YOU,WAKE UP BELIZEAN.SOCIAL YOU GUY WILL BE THE NEXT TEA PARTY BELIZEAN NEED IT.BELIZE AMERICAN WILL SUPPORT YOU GUYS,
Well done….now its time to get the people to rally behind U all so as to questions GOB’s intention about railroading a decision like that. Its ALL a family business, da lone Barrow (or X-Barrow) U have in the Boards of 2 of the companies involved…….just proves we changed black dog fu monkey…..NO change fu change
ALL you guys are PUP’s that is why i laugh at you because u guys are just like the union Reps. they prefer to put their money in central bank making 2.0 % interest instead in investing in a good company that will give you 12-20% interest on your money!!
all presidents of the unions are living the high life on the money of the hard working people of this country.
*** nothing against the member of the unions , but with the presidents of all the unions who are not for the interest of their members.
Sad and an outright disrespect to people who do there jobs correctly. Its time for Belizeans to raise
up. I would always prefer that sure 2% profit than to loose it all to trolls. Besides its wrong to force
feed anyone or any organization–
wow Niro…you sound like a real economics expert!! by the way it does not take an economist to know that they shouldnt go about investing social security (people’s money) funds in a goverment company , especially without asking the people if they agree to risk (every investment has risks) their retirement money .
it is not about party colors
I am a die hard UDP but i dont agree for the government to take the people’s money an invest it into a company that you dont know the certainty of the company. The government should respect the people’s money. It’s not for the Union or the government or the board of directors of SSB to decide what to do with the People’s money. It’s the people who has paid money to their pension funds they are the ones that need to decide if they want to invest, at the end of the day. The money belong to us the people of Belize not the government.
Niro, you cant be serious. I know at least one member of one of the unions that is a die-hard UDP but he has the Cohones to stand up against what he sees wrong. Our SSB money is sacred and if we don’t take care of it, we wont have anything to enjoy in our old age.
Don’t put politics in this. This issue is of national interest and we must have good representation in the unions. I applaud the unions for standing up.
i AGREE WE SHOULD LEAVE THE MONEY IN THE CENTRAL BANK WHERE IT IS SUBJECT TO DEVALUATION AND EARNING 2% RATHER THAN INVEST IN ONE OF THE MOST PROFITABLE COMPANIES IN BELIZE PROVIDING A SERVICE (PHONE AND INTERNET) WHICH WILL ALWAYS BE IN DEMAND.
I would like a copy of Social Security financials. Where can I get one? I would like to know what is the net profit per annum at Soc Sec? What does Soc. Sec. do with it’s excess cash? Will Social Security get back the 10million lent to Sunshine Trust that purchased shares in BTL 2005? I think that Government should keep its dirty hands out of social security’s money. Enough wastage have taken place with both parties. This UDP government has taken advantage of the Belizean people for over two years. People – please open your eyes before its too. Good governance can only happen by citizen participation in decision making.
Niro – when in doubt, throw politics into the argument is it?
Nothing to do with forecasted high returns, more to do with the long term growth and stability of $50million of OUR money. Does an investment in a fast moving and ever changing industry provide stability and growth? Add the ongoing litigation in the equation, and the answer MUST BE NO!
Belize is called a democratic country; but there is no democracy. The government officials usually do what they want. They forget that they are representatives for the people of Belize and their duty is to protect the rights of the Belizean people.
To practice true democracy, decisions such as this should be put in a referendum and give the entire population of Belize the legitimate opportunity to affect the outcome.
OUR COUNTRY IS HEADED TO DICTATORSHIP