VIDEO: PM Browne Defends Social Security $75M Investment in Jolly Beach Hotel

1. Big move—turn pension fund into profit! Barbados and Trinidad do it, why not we?

2. $75 million is serious money—must bring real returns, not repeat old mistakes.

3. Me like how PM mention global best practices—pension funds investing in assets is normal.

4. Profit last year was $1.5M—if doubled, pensioners benefit too.

5. Funny some accusing without offering better ideas—this is strategic, not reckless.

6. Wealth funds worldwide invest like this—why we must shy from progress?

7. This is a GREAT move but need to be articulated to the grassroots within Their terms. We need a DAMANI TABOR to articulate to the grassroots of Antiguans and Barbudans.
   Prime Minister use Damani to explain to the People,He is a wonderful communicator.

   Sometimes Prime Minister , Sometimes Prime Minister uses terms that local Citizens cannot understand.

8. Well we haven’t heard of those concerns post covid. The problem, thru mass death, went away.
   Thinking outside the box..

9. Any risks?

10. People nah even get dem pension but you can get 75mil

11. The man is a furnace guy so I trust his judgement

12. * over*** not flower

13. What’s the projected annual return flower the next decade?

14. I’m not really into the politics but I agree with the PM on this one. Good move

15. This move is backed by the actuarial report for Social security. It was pointed out that SS needs to ensure it get returns at or above the inflation rate. The scheme depositing its funds in a bank account will not get it returns above inflation rate. I hear dated Lovell arguing against this plan but he was the one who put forward a scheme where some 300 million owed to SS would be placed in a government bond and get no yield for the initial years. At that time he also proposed the remaining 200 million that they get government owned real estate. Its hypocritical that during his tenure its ok for them to exchange the debt for government assets but now he is opposition an asset as important as Jolly Beach is a no. Is it that Lovell dislikes black people and hence thinks they should not own ocean front lands?

16. I want to preface my response here by saying that I am not affiliated with either UPP nor the ABLP. I have long been an independent mind and thinker, always choosing what I think is best for Antigua and Barbuda over political parties. That is why at times you see and read my support for initiatives put forth by the Honourable Prime Minister, when I think it is necessary and my support for the oppositions side when I consider their option to be better.
    All that said, it is no doubt that Social Security need to seek out higher returns for pensioners and others by investing in “good stocks.” But Government and the Social Security Board must be very careful of our choice of investment portfolio because it could be very detrimental to pensioners present and future. We simply cannot invest in risky assets. I consider the Jolly Beach portfolio to be uncertain, tricky and risky and this makes it dangerous for pensioners. Investing in Jolly Beach is a big “hit and run gamble ” that might be ok for politicians whose “cake is baked” but not for the many persons that are totally reliant on Social Security for their monthly pension.
    That is why we need serious independent minds and thinkers on boards such that they can meaningfully contribute to debates in these circumstances and not just go along with the government just because they are a supporter and an appointee.
    This investment could be one of the most dangerous and consequential actions for pensioners now and later. Only time will tell.

17. They didnt found a Investor so far…Now is this broadcasting trying to justify to take “Legally” the Cash Flow from Social Security Scheme and toss it to a Basically a Hotel? Hotels have a very low profits. If this adventures go wrong (Cleary they just want to justify to take the funds from Social Security) nobody will take accountability and responsibility for that. All of those that are trying to justify this move, will not take the same position if things don’t go as planned…When you start building and money being burn in ridiculous contractor bills, nobody will return the money. If Jolly Beach is so popular. Why no private investor from Antigua want to put money from their pocket for that adventure? Did you realize all this people promoting this are the one that are not touching their wallet, they wanna use other people money to do what they want. They don’t want to put at risk their saving, they are risking others. Im not buying this move…

18. Gaston Browne, it is a high risk investment. What guarantees do you have that Jolly Beach would be a great investment for the People Money? How do know the future of Tourism in Antigua? How do you know that Tourists would want to stay there? There are no guarantees. Then the investments go south, then what.Social Security as the investor would be left holding the shit stick. The people would be crying their eyes out for a lacking in monthly payments. It is their money, not yours and Social Security to spend and or invests like drunken sailors on shore leave.

19. Anyone who understands investments will understand that you must diversify your financial portfolio and not put all of your eggs in one basket.

    If Browne had any sort of a fiscal brain, he would’ve look back to recent times when the country went into Covid-19 lockdown and devastated not only the tourism industry, but many Antiguans were laid off (and some never returned).

    I could understand if Browne had divided the EC 75 million several ways into different financial sectors to balance the country’s Social Security portfolio; but nooooo, he thinks he knows better than more qualified financial investors.

    Browne, you are taking a very HIGH risk with other people’s money, because if you lose our money 💰 you’ll just move on to another revenue buster.

    Here’s a recommended book for you boss on how to invest with prudence and then go on to bolster the country’s coffers:

    ‘Winning With Shares’ ~ by Alvin Hall

    I purchased this book some time ago, and the main theme of this outstanding tome is about diversifying a – small or large – portfolio.

    Remember Gaston, putting all our money into Jolly Beach Hotel could end up in tears for many …

20. Insee absolutely nothing wrong in what the prime minister is proposing. I believe there’s everything right about this venture. Who is it we never thought of it before this time?

21. 1. i cannot get my meds when i go for them, they always have some damn generic oFF label sh*t
    2. THEY DONT WANT LOCALS ON JOLLY BEACH
    3. WHO permitted him to do this, shouldn’t the locals whose money was used to do this have a
    say?
    4. Who’s money did he use to buy LongBay resort? he buying up properties all over
    WID OUR MONEY!
    5. wHAT happens when hes voted out of power, he think hes a dictator, he think hes going to be in power forever?

    Antigua and Barbuda all you nar suffer enough yet… deserve ebryting all ya go get, stop look and politics and look and your children’s future, the nar go have no freedom in this little islAND

22. Isn’t there a conflict of interest here from GB? Of course as head of the government he will vote for this. He may even have been the main proposer of the scheme. Does GB not have appartment(s) on the complex. Thus, if the complext does well his personal investment wealth increase. That said, what happens in low season. What happens when tourisium reduces? Should workers monies not be invested in less Ricky investmeants? This is not goverment monies to use as they like. Did the social security board approve this investment?
    Where is the due deligence and projected returns on this investment Mr Brown.
    How is this investment possible when pensioners still cannot get their payments on time?

23. All I know is that I wait for the day when people could get their monies on time and the scheme financially stable

24. Prime Minister Browne knows what he’s doing. This investment will modernize Antigua’s tourism infrastructure and secure pensions. Opponents just want to sabotage progress.

25. I get the idea, but what guarantees do pensioners really have that this won’t backfire? Hope they’ve done the proper due diligence.

26. I think you meant to say “finance”. However, I totally agree. In spite of This Jolly Beach investment by Social Security sparking debate, if PM Browne’s defense holds true, it could be a significant boost.

27. Excellent move, many Pension Funds does the same thing worldwide. Why Antigua must be any different and why can’t group of people come together and invest in viable projects instead of having their money sits on a bank account gaining minimum interest that will be eaten by inflation.

28. @Audley.. why the pretense at not being political? UPP people always enjoy coming as wolves in sheep clothing. You are negative on the investment but ignore the fact that tourism is the driver of our economy. Other islands have had their SS programs invest in the tourism sector but for Antigua its a no? SS beneficiaries, many who already work or worked in the tourism sector should not get a bigger piece of the pie? Perhaps the problem is you are too focused on the old Jolly Beach that ABI ran to the ground. They had a bad biz model. Before you jump the gun and say no at least listen to the plans for Jolly Beach, instead of always assuming the worst when it comes to ABLP, yet ready to spout UPP taking points. Jolly Beach is a diamond in the rough and this investment I anticipate will ensure Jolly Beach provides bigger returns to residents of A&B. Go and speak to ACB shareholders, like myself, about the benefits of government vision which you in 2019 labelled as crazy (i repost your uneducated rant below.. government is not the regulator of banks here its ECCB in SKN)

    Audley Phllip – Dangerous July 9, 2019 At 1:43 pm
    This move by the government is not only crazy, but wrong. I want to be absolutely clear here. A Government entity is the banking regulator here in Antigua. Government is also the telecommunication regulator. Government is also the insurance regulator. It is not good business practice for the regulator to be also in competition within the very sector it regulates. This would be illegal in any other place. Government recently invested huge sums into a Friars Hill Road Bank, and without proper financial statements, we heard about the banks remarkable turn around. Government seem to have found a windfall of money to be able to buy majority shares in LIAT, to want to but DiGICEL, to recently acquire majority shares in the Friars Hill Road Bank and now wanting to invest in Scotia Bank. Whilst I have no issue with local business input, I see Government’s approach to getting involved in these entities a very dangerous move.

29. @Amethisyah you are confusing Jolly harbor with Jolly Beach. The article is about Jolly Beach. Note also the PM does not have a unit at Jolly harbor but a house he owns which is not a part of the Jolly Harbor complex

30. The risk of another Pandemic is high as the world is over populated. If this should occur Jolly Beach would be like LIAT(1974) Ltd, finished. How come SS can find 75 Million and can’t pay pensioners. My wife waited a year to get her first pension payment. Asking for a friend.

    • I not sure about the pandemic but America is possibly currently in a recession plus a madman is running their country so changes his mind on tariffs policies every couple weeks, plus bombing Iran which could a big conflict depends if other countries intervene so the tourism they love so much can be affected from a conflict like that

31. Nothing wrong with investment, so why didn’t you invest the Alpha Nero funds Gatson?
    Instead you are here trying to invest other people hard working money in a risky project.

    The global market will soon crash, and tourism will certainly be greatly affected, not to mention the vigorous competition a service sector hotel like jolly Beach hotel faces.

    So Mr Browne, take note from many of us and please do your research before you go and squander the peoples money.

    Your lait2020 deal will not see one dime of profit for the next 30 years, and that’s if it last that long, and this Jolly beach deal is not even remotely close to making any profit given the volitility of such a sector.

    So Mr Browne, please do your research, not just for the next two years that you’re in office, but for the next 20 years.

32. I will say it again. Why the Black Antiguans that are rich don’t use their saving money to invest in Jolly Beach. huh?.. Come on guys You was loudly talking about preferences to foreigners. Come on is your time to touch you millions in saving and drop it here. If this Idea of Jolly Beach is so nice. Why you don’t invest with your money over there?
    Of course not, you want to use others people money, to drop it in a location that FAIL for decades and never make it. IF that location was so good. Why did not survive and why had many Up and Down during years. Just look how many operators had? A lot and none of them did well. What make you think that now it will be different? IF you want SS be better, this investment in Jolly Beach is not by far the best choice.

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