Your Social Security dollars, $6 million of it, has been used to pay Glenn Godfrey's mortgage payments.
Chairman of the Social Security Board Yasin Shoman today confirmed to 7NEWS that since November of last year Godfrey has been having financial difficulties and asked for time to make payments on DFC loans. But the loans which Godfrey got from the DFC had been securitized to a foreign bank and were guaranteed by the Social Security Board. So when Godfrey couldn't pay Social Security had to.
Still Chairman Shoman says that the Social Security Board has been in constant communication with Godfrey and in a meeting early this week, he committed to pay his arrears by the end of August. In fact, Shoman says Godfrey plans to pay off the entire securitized package, a bundle of 6 loans adding up to a debt in the tens of millions of dollars forseeably, Godfrey would do all that when he sells
Intelco.
That's all well and good, but for the time being it is just a promise made to cover a situation beset by conflicts of interest and questionable decision making with public funds where, essentially, Godfrey as DFC Chairman approved loans to his companies and affiliates for dubious projects and then defaulted on those loans which had to then be covered with public money drawn from the Social Security Board all this without any public disclosure or explanation.
ParticularsTotal Intelco $1,058,067.66 Western Caribbean $1,346,631.54 RMB - Tranche C (DATAPRO EPZ) $2,678,784.00 Tranche D (Renaldo Romero) $184,744.38 Tranche D (Roberto & Lourdes Hales) $210,121.38 Tranche D (Santa Cruz Data Processing Zone) $519,868.38 TOTAL PAYABLE$6,294,100.62