NAMCO Should Bear the Risk, Not Social Security – Lovell
Former Finance Minister questions government’s use of pension funds for Jolly Beach investment
Former Finance Minister Harold Lovell is calling on the government to explain why the National Asset Management Company (NAMCO) is not being used to finance the Jolly Beach Resort venture, instead of placing the burden on the Social Security Fund.
Speaking at a United Progressive Party (UPP) town hall meeting on Monday night, Lovell described the proposal to invest Social Security funds in the resort as “deeply irresponsible,” particularly given NAMCO’s original mandate to handle higher-risk state investments.
“NAMCO was set up precisely for this type of venture,” Lovell said. “It was incorporated to acquire interests in real estate and other commercial properties. So why is the government reaching for pensioners’ money instead?”
Lovell suggested that the decision to bypass NAMCO raises troubling questions about the current state of the investment company’s finances. “Since its creation in 2016, NAMCO has not published a single financial report. No audited accounts, no updates. It leads to one conclusion: the money may be gone, and they can’t account for it,” he said.
NAMCO was established by the Antigua and Barbuda Labour Party administration to serve as a vehicle for state-backed commercial investments. According to Lovell, the Jolly Beach proposal fits squarely within that remit and should not be financed by Social Security, which he compared to a college fund that must be safeguarded for future generations.
“You don’t risk your children’s college fund on a business venture. That’s what Social Security is—it’s meant to be protected, not gambled,” he warned.
Lovell also noted that the Social Security Board has not been provided with essential financial documents related to the Jolly Beach deal, including a valuation of the property and audited accounts from its operator. “They’re being asked to make a decision in the dark,” he said.
He urged the Board to uphold its fiduciary duty to contributors and beneficiaries and resist any pressure to approve investments without proper due diligence. “The government cannot simply look left, look right, and decide to raid Social Security because it’s convenient. The Board must stand firm,” Lovell said.
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Mr Lovell, while i am thankful and appreciative for the education, you have to make a choice.
You either step back into the ring or step aside and let the politicians fight it out.
Let the leader of the UPP come and challenge Gaston on his utterances.
Pringle has had enough time to learn and grow in the role of opposition leader and has shown zero improvement.
You want to continue being selfish, do it and stay out of the political fray.
You love Antigua and Barbuda, put on your boots and came out and get dirty.
You will not be the first politician to come of a self imposed retirement.
Do it for love of country.
Do it for the love of the party you were a founding member.
NAMCO under the Pixie Doll watch is probably in dire straights itself.
Lovell is correct. Show the public NAMCO’s books through a trusted and independent auditor like those used when the CBI Application are been vetted.
This is the same man that under HIS watch wanted to sell social security and state insurance to a trinidad company. I sat in the presentation chaired by Joan Massiah when she was in their camp. The dame assets that are making a profit one, and will potentially make a profit 2. My bet is on Gaston and the ABLP option. You can’t count then and your maths not maths’in now.
MOVEEEEEE
Mr. Lovell you had your chance in politics for about 50 years. Then you retired. Allow Mr. Pringle the room to grow instead all always stealing Pringle’s thunder.
Lovell, Please don’t steal my idea and run with it. You did that when I suggested that you jump start the economy by giving duty free to new homeowners. And you always steal ideas and try to make it yours.
This guy opens his mouth and creates his own reality. His new rule now is social security should only engage in risk free investments. Why then during his tenure was SS investing in Clico? Why did they invest in Saint Kitts and Nevis bonds? Why have them invest in real estate? Practically all retirements systems in our region, invest in the driver of our economy, the hotel sector. Seems to his mind a investment in the hotel industry is now akin to investing in Crypto. The actuary for SS makes clear that SS needs to make investments that must at least equal our inflation rate. Those 330 million, 28 year, government bond Lovell gave them which had no yield for the first few year, failed to meet that criteria. The 2015 report makes clear, their return on investments for years 2009,2012 and 2014 was 1.4% 2.0% 1.1%. Adjusted for inflation its -0.7% -1.4% -0.7%. Government has decided to convert portions of the 330 million government bond, promised in 2010 via a mou, to an investment in jolly beach (transfer an asset). Lovell in essence argues the government bond is better. Details of the bond follow:
“$330 million payable in twenty semi-annual amounts starting January 2031 with semiannual interest payments from 2010 to 2041 at interest rates increasing from 1% in 2010 to
6% after July 2021
King Lyadd Lovell Limpy Joe IMF Pimp is a “has been”
A LOSER who WRECKED THE ECONOMY and is now pretending to be some kinda “savioir”. Limpy Joe IMF Pimp did NOT receive Parliamentary approval for the Wadadli power Can’t.
What a NASTY HYPOCRITE!!! Hope a cardiologist was on standby.
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE
LOVELL IS A SPENT FORCE