"It's all false," that's what an Intelco release said today about, we gather, every document that's been purported to have been released from that company in the past week. The statement says the company has been forced to respond because of, "fanciful reports...that are (based on) inaccurate or outright forgeries."
It's a good show, but gets dubious very quickly when the release goes on to say that no Social Security or government funds are at risk. That contradicts directly what Finance Minister Hon. Ralph Fonseca told us yesterday when he conceded that at least one of the mortgages securitized in the Intelco bundle is in trouble and that government may have to claim the collateral to get back all Social Security's money. And as for the documents, many of them exposed first here on 7NEWS, we'll note that no one has disputed the accuracy of figures in those document. In fact the figures in those documents namely that Intelco owes Social Security US $9.8 million was the first public revelations of that transaction and it has now been confirmed by government.