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SSB Approved Loans For Citrus And Banana Companies; Any Connection To Jonny Zabs?
posted (June 30, 2015)
Last week, news broke that the Social Security Board had approved loans to two companies Meridian Enterprises Limited and Diverse Development Limited. One is a banana growing company and the other is a citrus processing company. But, there has been a lingering suspicion that Johnny Zabaneh has some interests, either as a beneficiary, or as the personality behind the curtains that is orchestrating the push for financing.

Viewers may be well aware that Zabaneh is one of the biggest banana producers in the south, but in 2012, he was blacklisted by The U.S. Department of the Treasury's Office of Foreign Assets Control. This sanction, under the US Kingpin Act, prevents any US Nationals and US companies from conducting business with him, and it has put a hurting on his business empire.

So, that's why when the proposals from both companies landed on the desk of the SSB Investment Committee and they were approved, eyebrows were raised. We got an opportunity to ask the Chairman about it yesterday. Here's what he had to say about the risk of the investment of the contributions made by the workers of the nation:

Dough Singh - Chairman, SSB Investment Board
"I don't know what you mean by individuals behind the company. The documentation is clear and I guess the media can seek to go to the registry and check to see who the shareholders are of the companies that borrowed the funds. There were two companies that applied to borrow the funds, and I suspect your referring to Mr. Zabaneh. He is not a shareholder of either of those companies, he's also not a surety, which means someone that guarantees anything relative to the loan and he has provided no security for the loan. So I don't understand the context under which the question is, legitimately he is not a party of any element to the loan agreement. The concern in this particular area wasn't Mr. Horst, I think, it was Mr. Zabaneh. The board was concerned that Mr. Zabaneh was a party to the loan, he is one of those people who are listed on a website and that sanctions have been applied against the United States government. That I don't believe is the situation with Mr. Horst and probably not your cousin who may have been convicted of something too. We wouldn't want to discriminate just about everybody who may have faced some allegations or convictions, but we certainly want to respect certain other initiatives being placed. And I think that it's fair enough to tell you that the details are what the details are. Mr. Zabaneh is not a party to this loan as a borrower, as a shareholder of the company, and as a surety or guarantee provider."

Daniel Ortiz
"Sir are you all confident at the SSB investment board, for practical purposes as you've put it. These persons are on the paper trail - the persons who have borrowed this loan, but in the background there may be a moving hand who you all are not aware of."

Dough Singh - Chairman, SSB Investment Board
"That's entirely possible, but when an institution gives a loan, it gives it on several basis. It gives it on its ability to recover on whether or not it's a good project, whether or not the security is there in the event of any default. We're pleased to say that the value of the security is far in excess of the value of the loan."

Diverse Investments was approved for a loan of 1.5 million dollars, quote, "the purchase of fertilizer and other inputs" End quote.

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