And while it was a day of political preening for the PUP, the art of politics is far simpler than the art of statecraft and that messy Sunshine situation just won't go away. As we reported earlier in the week, BTL's Chairman Keith Arnold has written to individual BTL employees offering them a stake in the Sunshine Trust. But the BTL Union says it's a farce because there are no trustees and its good name has been used in a sham transaction to get SSB's money cheap for a British billionaire. That's the union's version but the Prime Minister sternly rejected that interpretation...the good news is, he's back to calling us "you people."
Alfonso Noble,
Some would argue that there is no collateral behind that $10 million loan from Social Security.
Said Musa, Prime Minister of Belize
"Yes that is a valid criticism in the sense that we're putting the Social Security money to make it available for the workers. The truth of the matter is that there is no other way that the workers could have benefited other than through this instrument of government putting up money, SSB putting up money, and the Belize Bank putting up 50%. In terms of putting the trust funds, or the pension funds lets say, of Social Security at risk, I would say that too is really not a valid issue because in the final analysis Social Security money is always guaranteed by the government of Belize."
Alfonso Noble,
The people are saying that the terms are concessionary, these terms that you are giving are too much of a concession towards somebody who can afford to borrow at commercial terms.
Said Musa,
"Well who can borrow? Which one of the employees at BTL can borrow at commercial terms?"
Alfonso Noble,
You are lending money to Sunshine who can afford to borrow at commercial terms.
Said Musa,
"Not at all, Sunshine is not owned by Michael Ashcroft, you need to get that out of your head, that is the problem that you people seem to have. Sunshine is a trust instrument, it is a company created specifically to make the shares available to the workers of BTL."
Alfonso Noble,
In its memorandum or in its articles of association (of Sunshine) it says that its an investment company and it doesn't say that they are going to be holding these shares in trust for the workers at BTL.
Said Musa,
"Because, and I wish Channel 7 would try and get it straight, you first have to create a company that will own the shares, or finance the ownership of the shares, that's Sunshine. Then the next step is you need the trust instrument, the trust deed, that will deal with those issues. In the Sunshine memorandum or articles, nothing in there precludes it from making those shares available to this trust instrument."
With the Sunshine matter settled for government, tomorrow it moves on to its next big utility maneuver as it goes to the National Assembly to present a resolution seeking approval to buy back BWSL from Cascal.
