Prime Minister Gaston Browne has told Parliament that shares in the West Indies Oil Company (WIOC) cannot be transferred to the Social Security Scheme because they remain tied up in a legal dispute.
Browne was responding to Opposition Leader Jamale Pringle, who argued that WIOC shares would be a better investment option for the scheme than the Jolly Beach Hotel.
He was speaking in parliament yesterday. Watch Below:
PM Explains Why WIOC Shares Cannot Be Transferred to Social Security
Prime Minister Gaston Browne has told Parliament that shares in the West Indies Oil Company (WIOC) cannot be transferred to the Social Security Scheme because they remain tied up in a legal dispute.
Browne was responding to Opposition Leader Jamale Pringle, who argued that WIOC shares would be a better investment option for the scheme than the Jolly Beach Hotel.
The Prime Minister said his administration is legally barred from moving the shares because of a long-standing matter with HMB Holdings. “Even if we wanted to transfer our shareholding in West Indies Oil into Social Security, those shares are currently tied up as a result of the outstanding amounts owed,” he explained. He noted that the government had reduced the liability from US $48 million to about US $13 million, but until the debt is fully settled, the shares cannot be vested in any entity.
Browne maintained that Jolly Beach remains the only viable option, highlighting that the hotel has been cleared of debt and is now profitable. He argued that the property’s improved financial position makes it a stronger and safer proposition for Social Security than alternatives suggested by the opposition.
The Prime Minister added that other proposals, such as investing in energy companies or State Insurance, were not feasible at this time. He insisted that his government’s record of turning around struggling assets demonstrates that Jolly Beach offers the best opportunity to grow Social Security’s reserves and protect future pensions.
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Antigua is filled with White Privilege and Semi-illiterates.
The White Privileged have no concern about anything the government does or says for they are a protected class.
The Semi-illiterates gawk at each other trying to keep up with the Jones, while protecting their bit of crumbs by keeping their heads down.
Gaston throws up smoke to explain the situation with Social Security proposed investment into Jolly Habour.
A portion of the semi-illiterates says OK!
That makes sense and Pringle and UPP are too dumb to know these things.
At the Yatch clubhouse mans down in the Gulleys their boats White Privileged signing to Old Britannia and The Crown.
No individual including the semi-illiterates and the confused possess the spine to dispute The Orime Minister’s claims and assertion’s.
What legal dispute is Gaston talking about?
Isn’t the HMB lawsuit settled at the Privy Council
A settled matter legally, with a financial obligation covered by a legal agreement
If Gaston reason for Social Security inability to invest in WIOC is because of a legal dispute then he should explain in detail the nature of the legal dispute between WIOC and HMB
Antigua owes HMB yes. Is the outstanding debt secured by Antigua’s ownership in WIOC?
That is not a legal dispute. That’s a financial obligation.
Gaston is telling the Country: Social Security cannot invest its money into WIOC, because it still owe HMB $13 million.
This is the WIOC that he recently announced that is widely successful and it’s demonstrated his financial acumen.
Is a financial obligation of $13 million we are being told is so prohibitive when WIOC is a financial success.
All of a sudden WIOC is financially constrained. What a croc of shit the semi-illiterates take from Gaston.
Rather than stand up!and speak up! as literate and intelligent people do to protect their interests, they hold heads down like semi-illiterates. Some jostling for the crumbs while others pray as The White Preveliges sop up the gains from the GDP.
Ok, we hear you Winston … 👏🏾
Anyway you look at it, this don’t make any-no F-ing.
I’m waiting for opposing opinions.
So Antigua is paying interest on the outstanding judgment to HMB. As time passes the amount ballons. HMB is being paid interest in the judgment.
Evidently The Treasury don’t have the funds to pay off HMB.
If a public entity like Social Security not only have the funds but need to invest the money it collects
Why isn’t Social Security investing it’s money in WIOC which we are told is a runaway success
According Gaston shares cannot be transferred. But he did not sat WIOC cannot take on debt. Social Security can pay off HMB and get the shares commensurate with the debt it paid off.
That can be done in one closing. HMB gets its money and Social Security get its commensurate shares.
Are the semi-illiterates with the MBAs unable to structure such a transaction?
Seems to me like a win win for Social Security to put some money in WIOC to pay off the debt and stop the ballooning interest payments to HMB?
If WIOC is so successful why should Social Security not invest in a successful business?
What better way of getting the type of return in investment that Social Security needs?
I say there are a bunch of semi-illiterates walking and driving around on this island.
The either don’t care about this country or are deadly afraid of Gaston.
Lord knows, we could use Asot now. May his soul rest in peace.
I get it, Gaston is god so he can tell us why the tax payers monies can’t benefit the people but can pay Ron saunders his large salary, and astaphan and the Barbados shimmy peter wickams. It even paid for Russian boat, and now to build condominiums housing for white people at jolly beach.