Last week, we told you about the Social Security Board's decision to approve the purchase of 55 million dollars worth of shares in both BTL and BEL.
The PUP disagrees with them, and once again COLA is joining the chorus of objection. They're accusing the Government and the SSB Board of Directors of many things, including cronyism, conflict of interests, and poor judgment on the part of SSB Investment Committee.
Here's COLA making their case today as to why they view the impending purchase of shares as questionable:
Hon. Kareem Musa - Legal Advisor, COLA
"There's a legitimate expectation that our people must a say in how our hard earn contributions are going to be invested and invested in a company that in my opinion is going to be obsolete in the next 10 years. That there has been no forensic audit carried out on this company; let us bear in mind that it has been under government control and with the stewardship of the prime minister's son for the last 8 years. We have seen no forensic audit to see if this company is even viable and yet SSB and its board is being expected and asked to invest blindly people's money, invest it blindly in a company."
Geovannie Brackett - President, COLA
"It's not finding problems just for finding problem sake. I would think that you have an investment committee, if I have Rufus and Mr. Sulf as an investment committee member chair in COLA and they have over 400 million dollars at their disposal why would I need to go invest in Dinosaur Company? Why would I need to go invest in something that is already there that is already profitable according to the government; why not look at something that is more unique, something that we can look. We have a company that is going to be an international hotel line that is going to be building big hotels. So why not look at say invest in tourism?"
"Aren't there tons of ideas from other Belizeans who don't have the money to create their own business? That maybe now what the SSB can do is looking at starting those businesses. Do a proper analysis and evaluation internationally where Belize fits in to the global market and create something."
The decision to invest was unanimously approved by the Social Security Board of Directors, including the social partners.
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