Shyne Barrow: “We Need to Get Rid of SSB Investment Committee”

While the Leader of the Opposition has no qualms about the new Boledo managers, he does have big problems with the nine million dollars that the Social Security Board is investing in Belize Premium Liquors and Spirits for the construction of a new distillery. Barrow is calling on the government to show the details of the proposals as well as the list of other loan applications that have been turned away from S.S.B.

Moses Shyne Barrow

Moses Shyne Barrow, Leader of the Opposition

“We need to get rid of the S.S.B. Investment Committee henceforth. You know, that $9 million to a distillery – proposed distillery – whereas that distillery is now being sued by his partners. That distillery again – where are the prospectus? Where are the proposals that any business any applicant for a loan would have to provide to a commercial bank. Where is it? These things would help us. I don’t want to be unkind to the gentleman trying to get the loan. I don’t want to be unkind to anyone, but in the absence of the detailed information to show this is our application, this is how the investment will be made. This is how you will get your return. That is what you have to do when you apply for a loan at any commercial bank. So why should it be different when SSB is investing hard earned money. There are other worthy investments that are to be made. And so if there is $130 million problem, we would like to see all of the people that have applied and all of the people that have been turned away because this should not be a slush fund leading up to the municipal elections to give any crony that can’t get a commercial bank to buy into this. Because if this was so viable, why didn’t Belize Bank or Atlantic Bank, Heritage Bank give the gentleman the money. So we need all of the information.”