Pharmacy Express Triples the Value of S.S.B. Loan in Collateral

According to C.E.O. Ruiz, Pharmacy Express Limited initially requested more than the seven million dollars that was ultimately agreed upon. In fact, she went on to say that borrower has put up collateral that almost triples the amount being sought.

Deborah Ruiz

Deborah Ruiz, C.E.O., Social Security Board

“They did ask for more money, they did ask for a longer period and did ask for consideration for a lower interest rate but that is not what was considered. The directors can go to jail if they don’t have adequate collateral, as per the investment framework. So collateral is an important criteria.  Currently, if I recall correctly, P.E.L. has over thirty million [dollars] in assets that they have put up for the loan.”

Reporter

“The company, the pharmaceutical company.”

Deborah Ruiz

“Yes, ma’am. They have put up their collateral. The market value is twenty and if we do a for sale value it certainly will be more than the seven million dollar loan.”

Julio Sabido

Dr. Julio Sabido, C.E.O., Ministry of Health & Wellness

“When we go through the process, when we write S.S.B., you all will be free to request S.S.B. to give you those concerns.  They will still be the Ministry of Health’s concerns.”

In a statement issued by the United Democratic Party this morning, the opposition takes exception to the proposed loan as “the fleecing of Social Security funds for the enrichment of P.U.P. cronies and relatives of ministers”.