Is the Social Security Board paying Glenn Godfrey's loans? Well that's all that we can conclude after review of a document obtained by 7NEWS. The document shows $6.4 million that Glenn D. Godfrey and Company owes the Social Security Board after Social Security has been making payments on his behalf. It's a quite stunning revelation and one which we were unable to reach government's top finance man Hugh Mcsweaney for comment on. But the document shows that since November of 2003 up to June of 2004 Social Security has been making quarterly payments on 6 loans attributed to Glenn D. Godfrey and co. It shows a loan to Intelco, and Western Caribbean, as well as the Data Pro and Santa Cruz EPZs.
The document would seem to indicate that the Social Security Board is the guarantor of those loans and had to come up after Godfrey's company did not. It's noteworthy that a review of our records shows that at least two of these loans have been sold off in a bond offering from the Belize Mortgage Company in early 2002. The loans were $9.8 million to Western Caribbean properties to develop property in San Pedro and $7.7 million to Intelco to develop what are described as "upscale rental facilities in the Cahal Pech area of Cayo a property that, as far as we know, does not exist all that's there is a telephone tower.