Court pulls the plug on Public Sector Workers Trust

BBN Staff: On Monday, 600 public servants filed an injunction against the Public Sector Workers Trust and on Thursday the courts sided with the retired servants.

The Trust had been using the backpay of those 600 public servants to fund a loan program to all public servants, however, the loan program has now been halted.

This matter dates back to the 1995-1997 period under then UDP Prime Minister, Manuel Esquivel, who froze the salaries and increments of teachers and public officers.

To make up for those dark days, Esquivel gave those teachers and public officers an estimated 450,000 shares in BTL.

Today those shares are worth an estimated $7.8 million which had up to now been controlled by the Public Sector Workers Trust.

However, the Trust has just been given the boot and so in the next 45 days the matter is to be meted out.

 

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