Switching subjects now, tonight, there is mounting pushback against a proposed Social Security Investment of 7 million dollars in a company named Pharmacy Express Limited.
A company search shows that it is owned by a couple, Julius and Angela Zabaneh who own multiple retail and wholesale pharmaceutical interests.
As it is required to do under law, Social security published the loan proposal which is to provide Pharmacy Express with, quote, "refinancing and inventory purchases."
The blowback on social media has been strong, sustained and immediate. And above all that significant glamour to kill the loan, the CEO in the Ministry of Health and Wellness Julio Sabido sent out an extraordinary Sunday evening press release saying, quote, "The ministry places on record some concerns related to this loan and hopes to meet the autonomous SSB to relay its concerns before it makes its final determination on this proposed loan."
That's very serious for the public sector to makes its objection known to a private sector transaction. But, reports tell us that the Ministry has some history with Julius and Angela Zabaneh through another company named Medigen which qualified in last year's tendering process.
Today, CEO Sabido would only tell us, quote, "at this time, a process has been triggered, the MOHW is putting in writing its concerns and those will be forwarded to the SSB Board." End quote.
And the Chairman of the SSB Board Nigeli Sosa told us, that she has indicated to the CEO that it would be good to meet with Ministry Of Health to understand their concerns.
She added that the intent for publishing the notice is to receive concerns and to take them into consideration. She welcomes the Ministry expressing its concerns because, quote, "we recognize that there may be information that we were unaware of such as the case in point with MOHW but the public also need to do their part." So, those in the public who do have an objection have two more weeks to make it known in writing.
The UDP has already put their objection in writing, but in a press release, which says, quote, "The role of the Social Security Investment Committee is to support projects that contribute meaningfully to the development of our nation. A $7 million loan to a…pharmacy does nothing for the development of Belize and is an investment too risky for the workers of this country to approve."
