Senate committee calls S.S.B. loan an “insult”

The Senate Special Select Committee is the latest body to weigh in with its opinion on the decision of the Social Security Board to grant a ten million dollar loan to Sunshine Holdings. According to the Senators, the move is a violation of their mandate, which is to investigate whether the Social Security fund has been jeopardised by breaches in procedure and protocol. In a press release issued today, the committee also points out that the loan is unsecured and no interest will be paid for the first five years. The Senators say they are therefore forced to find:

“Any agreement on a proposal embodying such characteristics an insult to its work. As the Board is aware that one of the principal issues of the committee’s investigation surrounds the granting of unsecured and partially secured facilities to various entities as has been highlighted in several of the public hearings.”

The Senators are now calling on the Social Security board to review its legal standing in awarding the loan to Sunshine Holdings and ensure that the protection of the fund is their primary priority. In addition, Prime Minister Said Musa has been publicly reminded of his commitment that “no loans would be considered by the board until the work of the committee is completed and the report with recommendations is tabled in the Senate.” On September ninth, the Prime Minister appeared personally before the board members of the S.S.B. to swing votes in favour of the ten million dollar loan. The committee’s release comes out of its latest meeting, held on September fourteenth. Although unsigned, we assume the statement reflects the unanimous opinion of the four committee members, namely Godwin Hulse, Dickie Bradley, Moises Chan, and Rene Gomez.