S.S.B. Making Investment, Not Helping Government
The former Government C.E.O. does not claim to know the Government’s motivations for making this offer at this time, although Prime Minister Dean Barrow confirmed last week that Government always intended to sell more of its capital in B.T.L. and B.E.L. to S.S.B. and considered opening up to “the small man” – though that plan was scuppered when it was pointed out that the former owners of B.T.L. in particular might see that as a way back into the company. In any event, Colin Young told us that S.S.B.’s considerations are and remain solely to the worth of the investments.
On the Phone: Dr. Colin Young, C.E.O., Social Security Board
“I can’t speak for the Government; I think we are looking at this from an investment perspective. That is our responsibility as a Fund; to pursue investments in line with the actuarial situation and this is one such investment. The reasons why Government has decided to sell those shares or offer S.S.B. those shares, you would have to speak to the Government about that.”
Why is SSB always looking to invest in the government? Purely business? Nope. It always seeks to bail out government (politicians) at the cost of contributors’ savings in the fund. Why isn’t SSB investing in the private sector initiatives? They are more sound that government plans and outlook.
It is interesting to note that if you look at the original shareholdings of SSB in BTL and BEL it was recommended by the same Actuary doing the current exercise for the increase that SSB should sell those shares. Someone should ask him (the Actuary ) in front of the CEO or his designate what has changed and if the Actuary believes that we should be going back to where he recommended that we should divest from those very same investments.