The Senate Special Select Committee, which is investigating Social Security, today joined the unions and other members of civil society in their opposition to the Sunshine situation. Chaired by Godwin Hulse, the group reviewed the decision made by the board of directors to lend Sunshine $10 million, and a statement today makes it clear that the Committee is most displeased.
The statement says that the Select committee finds the board's decision to be, "an insult to its work," because the board's ongoing investigation is into questionable loans just like this one, which is unsecured. The statement also points out that, the Prime Minister gave a commitment that stated, "no loans would be considered by the board until the work of the (select) committee is completed and the recommendation tabled in the senate." The Committee's statement calls on the board of directors to review the resolution with a view to, "securing the assets of the fund holders."
And according to a late evening counter-release from Social Security, that's just what it is doing. More or less repeating what the Prime Minister said earlier, which is clearly the Sunshine spin, the statement says the Sunshine investment is, "intended to provide BTL workers with the opportunity to acquire shares in BTL...this is an opportunity the Social Security Board has taken to support Belize's workers."
As we noted earlier, those workers see it not as an opportunity but an Ashcroft friendly set up. Whatever the case, the Prime Minister said he expects the Sunshine proposals to be taken to the workers in the next two days. That proposal includes $20 million from the Belize Bank, which the Prime Minister says will be offered to the workers at somewhere between 10 and 12%.
