Glenn Tillett Vs Social Security Board

Glenn Tillett

A hearing began today before the Acting Chief Justice, Samuel Awich. It is the case of Glenn Tillett versus the Social Security Board. Last November, Tillett filed a claim in the Supreme Court against the S.S.B. claiming that it was unlawful for Net Vasquez, who is the paid Executive Chairman of Telemedia to also sit on the board’s investment committee and vote in favor of a fifty million dollar investment in B.T.L. shares. Tillett, who is a talk show host and journalist, says he is seeking action against the Social Security not just as a citizen but as a contributor to the social security fund. He told News Five that when the decision was made for the S.S.B. to invest fifty million dollars in Telemedia shares, the input of the different representatives to the Investment Committee was totally disregarded. But what Tillett says was a clear violation, was the conflict of interest that played out when the decision to make the purchase was finalized. Today, Tillett gave us a summary of the proceedings being heard.

Glenn Tillett, Private Citizen

“Essentially, I am asking the court to reverse the decision of the Social Security Board to purchase fifty million dollars worth of shares in B.T.L., saying that it wasn’t properly done because the Chairman of the Social Security Board, Ms. Lois Young, is also a member of the B.T.L. Board of Directors and that the Chairman of the Social Security Investment Board, Mr. Net Vasquez, is also the Chairman of the B.T.L. Board of Directors. I believe both of them should have recues themselves, should not have been a part of the decision making, that for me clearly it is a conflict of interest and it carries with it the appearance of improprietary that these two individuals represent, if you will, both sides of the same coin. I also note that, the workers representatives on this board, The National Trade Union Congress and the employers’ representatives, the Chamber of Commerce and the Belize Business Bureau, all voted against the sale. In the case of the investment board, the Social Security Investment Board, the workers representatives and employers’ representatives, voted against the sale.  But the action, the recommendation was carried by the Chairman, casting his casting vote. To my mind, the decision was deadlock, there was no need for government to rush into it and here we are a few months later, and materially the decision, there is still no reason why they had to rush into this decision and if you will why they had to put the workers’ money at risk, every investment is a risk. And clearly the decision to put fifty million dollars of Social Security Board’s money, the workers money, in a private company, carries with it that attendant risk.  The litigation surrounding B.T.L. is far from over and its instructive if you were to look through the consolidated financials for B.T.L. for the last three years, their revenue has been declining.”

The case was adjourned until Tuesday morning. Social Security has been the biggest investor in B.T.L. so far and government is yet to find a strategic investor.