Opposition Leader Jamale Pringle Recommends Using West Indies Oil Company Shares to Support Social Security
Opposition Leader Jamale Pringle has urged the government to consider transferring shares from the West Indies Oil Company (WIOC) into the Social Security Fund as a more immediate solution to its liquidity challenges.
Speaking in Parliament, Pringle criticised the government’s proposal to use the Jolly Beach Resort as collateral for Social Security, warning that the approach lacks transparency and does not provide the urgent financial relief needed.
“We are not saying that something should not be done with Social Security, but what should have happened, Mr Speaker, is that the Minister of Finance, according to law, should have been bringing the financial reports of Social Security along with the actuarial reports,” Pringle said.
He noted that lawmakers have only had access to the ninth actuarial report, despite the director of Social Security referencing subsequent reports during parliamentary debate. Pringle argued that the absence of updated reports undermines Parliament’s ability to make informed decisions on such a critical matter.
The opposition leader said the government’s approach amounts to “grandstanding” without giving the public the full picture of Social Security’s finances. He reminded MPs that in 2011, Prime Minister Gaston Browne, then an opposition MP, had argued that Social Security required cash, not asset swaps.
“If you want Social Security to be liquid now, let us not wait until maybe the Jolly Beach Resort might be profitable. Let us transfer shares from West Indies Oil Company, which we know is already a profitable company, to fix the situation immediately,” Pringle advised.
Pringle pointed to government documents which highlight that WIOC has contributed $160 million in dividends over the years, describing it as a proven income source that could provide immediate relief.
He concluded by stressing that transparency and timely reporting must come before any asset transfers, insisting that the government should “give the people the information” rather than making decisions without proper review of audited statements and actuarial assessments.
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This is not Jamale Pringle’s idea. Mr. Knight been on the radio for months preaching and shouting this idea. If the puppet Pringle can’t think up anything himself and he go steal Knight’s idea, at least name his source and give Knight some credit.
Is plenty other things Knight tell Pringle do, like get rid of the destructive Women’s forum in the UPP. Hope Pringle tief that idea tooo
Stop Plagiarizing Mr. Pringle!!
This is not Jamale Pringle’s idea!!! Mr. Knight been on the radio for months preaching and shouting this idea. If the puppet Pringle can’t think up anything himself and he go steal Knight’s idea, at least name his source and give Knight some credit.
Is plenty other things Knight tell Pringle do, like get rid of the destructive Women’s forum in the UPP. Hope Pringle tief that idea tooo
Now that’s not a bad shout from the Most Honourable opposition party leader Jamal Pringle. Those of us with monetary sense recognises the need for a lot more private funding from companies like WIOC.
This is not rocket science to those who have a diversified portfolio.
A company like WIOC would do their due diligence and homework before getting involved; and there lies the difference between a private enterprise and a government led – in the main – by a sole and inept individual that thinks he’s a financial wizard.
UPP regaining popularity at an alarming rate …
As I read this I’m saying Wa!
Where ever the idea came from. It’s a darn good idea given the issues surrounding the Jolly Habour proposed investment
To ignore such an option suggest there is something nefarious about the Social Security/Jolly Habour proposed investment
The outdated financial information presented by The Director of Social Security is intentionally misleading.
UPP is still floundering in its response after The Gaston Browne Government has provided nothing but weak evidence and arguments towards the investment.
It’s unfortunate. My message to any working Antiguan and Barbudan: Do not depend on Security payments during your retirement years.
Reading the first to comments, of which I believe were written by the same person. It makes me laugh. They don’t comment on the viability of the suggestion, instead they focus on where the suggestion came from. Those who are so offended that it is not the original idea of the Honorable Opposition Leader.. They need to be reminded that good ideas come from anywhere, it’s who is paying attention and has the courage to bring the idea forward.
For my part, I dont how the numbers crunch with Westindies Oil, but at this point Jolly Harbor, and Westindies Oil put 2 options on the table to explore and to be added to with other ideas. In the end you can pick the best options.
Keep it Green
@ The Wire.
Neither of the two are necessarily good options.
Many hotel reopened after COVID; why didn’t Jolly Harbour Resort reopen like its counterparts.
Wasn’t Jolly Harbour Resort was mothballed until it was taken over by Elite Resorts?
Did the Gaston Browne Government allow Elite Resorts to walk away before of after Rob Barret died and now have this white elephant in their hands?
If Elite Resorts could not turn Jolly Habour around can the Antigua and Barbuda Government do so?
These are questions the UPP should be asking.
The answer to those questions foretells what is likely to happen to Social Security’s money, given the government insisting on making this investment.
The Government is putting out all sort of information; and that says a lot given most of it being questionable.
With this matter, Gaston Browne unintentionally has given The UPP a goldmine for them to illustrate and demonstrate they are the better choice to manage the country affairs.
In my view the UPP is floundering and is unlikely to make use of this debacle to justify tgry should be the choice to lead the Country.
The HON. LARS JAMALE PRINGLE IS THE DULY ELECTED LEADER OF THE OPPOSITION. His is leadership you can trust!!
A reap GRASSROOTS, BORN AND BRED, HARDWORKING, BUSINESSMAN AND PATRIOT.
The future is now. The future is the HON. LARS JAMALE PRINGLE
#MingleWithPringle
#JamaleIsForAll
UPP- a spent force, and with the insertion of the rabbit-toothed Love-ill, it’s bound to get worse!