The 7 million dollar proposed Social Security loan to Pharmacy Express Limited is running into some very serious headwinds - at the highest level. That was underscored with big bold letters today when the Cabinet brief included this extraordinary statement:
Cabinet was briefed by the Ministry of Finance and the Ministry of Health and Wellness on the very serious public concerns raised in respect of the proposed Social Security Board loan to Pharmacy Express Limited." End quote.
Now that already - by association - invokes the name of the Prime Minister as the Minister of Finance. He's the person who names the majority government appointees to what is supposed to be an autonomous Social Security board - a notion which the release gives only token recognition to. It says, quote,
"Cabinet fully respects the autonomy of the SSB but supports the importance and necessity of ensuring that all relevant information regarding Pharmacy Express Limited is shared with SSB before a final decision is made in respect of the loan." End quote.
And the man providing much of that "relevant information" is CEO in the Ministry of Health, Dr Julio Sabido - he, along with a technical advisor, came down to Belize City today to make a presentation to the SSB Board of Directors at its branch on Princess Margaret Drive. As we have reported, his Ministry has engaged with the same owners - Julius and Angela Zabaneh - in the form of another company they own named Medigen. Reports tell us that the company received a government tender to supply meds last year - but, reports tell us that the Ministry felt that some of the products did not meet optimal standards. Additionally, the Ministry may have concerns about a pharmacy licensing issue.
Still, Pharmacy Express has gotten approval from the SSB investment Committee to invest 7 million dollars for debt refinancing and inventory purchases.
The final decision will have to be made by the board - where a majority of the members are appointed by the government - and today's Cabinet brief seems to be a less than subtle public instruction to them to tread very carefully with Pharmacy Express. We'll wait and see what the Board's final decision is.
