Do you support that your pension funds in Social Security should be used to buy shares in Telemedia?
Tonight’s question is: Do you support that your pension funds in Social Security should be used to buy shares in Telemedia? To take part in the conversation all you have to do is to email comments to questions@channel5belize.com, send a text using your SMART phones to 8686, or log on to our e-poll at www.channel5belize.com.
It depends on what percentage of the fund is invested. Prudent investment says that NO MORE than 4 or 5% of a fund should ever be invested in any single enterprise. Investment always carries risk — can we afford to lose Social Security money?
If BTL is profitable, at the rate Belizeans are buying cellphones & calling cards, then there is no reason why the SSB should not invest in it. At least this time there was some discussion before the decision was made & BTL’s income can be verified, I think.
Social security is primarily a social insurance program providing social protection for the old, the Disability, Medicare, etc.
The social security program was not set up for the people to go buy shares with that money; this is just insane, and should not be acceptable.
BAD IDEA!!!!!!!!!
No way!
If its gonna also make an increase on the peoples money—–they must also insure these monies
and pay the people in a timely manner because of their investments. Then I say YES
Hell NOOOO!!! who has made money from BTL over the last 1o years?? Only the lawyers.
Yes I believe that once the company has been properly valued, the SSB should invest in it. For anyone paying attention to the SSB, you would know that the short term fund has been depleted and is currently meeting it’s short term obligation by utilizing money from the long term fund. SSB therefore is in serious need to see how it can best resolve this situation. It is also a known fact that the Investment portfolio of SSB is not performing well. At least 80% of the investment portfolio is not performing and can be considered a loss as most of it is tied up in unsecured mortgages and other assets that ssb will not get its return from. Adding to this problem is that the SSB has a set of inexperienced, inefficient and clueless individuals sitting on its Board and Investement committee that ever since they were appointed has not made a single investment in any meaningful projects. Instead they are sitting around in fruitless meetings and accumulating the cash within the banking system which already has surplus liquidity and has now opted to give SSB a mere 7.5% on its term deposits. Investing in BTL will assist in improving SSB investment portfolio and will also assist in stimilulating economic activity thru btl by ensuring that rates are kept low so that more and more belizeans can access telephone and internet services.
Only if any dividends from profits are shared by those that funded the shares – i.e. those forced to make contributions to the SSB.
SSB should be dealing with the core element of their business, and not investing in swamp land and dodgy share deals. The Board are over paid & under worked, and the whole system is unfair and needs revamping. Won’t happen though, as by doing that “First Belizeans” in the ‘Ivory Tower’ would get paid less, maybe have to buy thier own Prado, and pay for their own fuel, as more money would be channeled to where it’s needed.
Doesn’t matter what the people say – In the Land of the Free By The Carib Sea – the Despots will get away with everything, rob the people blind, then when there is no more to steal, retire in Miami!
How the hell can you sell something which you have not paid for as is the case of the BTL nationalization. What is the REAL value of BTL? Doesn’t this move call for additional litigation from the former owners? The people need to know. Isn’t GOB sending a wrong message to prospective investors? Where is the Chamber of Commerce on this?
The GOB is already milking SSB dry with the Non Contributary Pension. How much more can SSB be used to “swamp out” those that just sit and “imagine the possibilities”. The NCP should be paid by GOB and not SSB. We demand that GOB reimburse all funds used on the NCP Programme.
mmh uno wha stay di buy that ! left the old people them money , da no fu benefit them da fu this rich fu get richa man!
Hell noooooooooooooo, our pension funds should not be used for such a risky venture.
Why would anyone in Belize even think of playing games with their Social Security money is beyond my comprehension?
The whole idea of this is just to steal back the money legally right under the noses of the people.