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Opposition member Tracy Panton questions $7 million Social Security Board loan to pharmaceutical company

Posted: Sunday, July 24, 2022. 4:58 pm CST.

By Benjamin Flowers: The Social Security Board is proposing to lend $7 million to a pharmaceutical company called Pharmacy Express, and opposition member Tracy Taegar-Panton has questions.

Panton took to Facebook to raise concerns after SSB issued a notice that it is proposing the loan with a decade life span, as per Section 49 of its investment framework.

“As a person insured with the SSB, I would like to know who is Pharmacy Express Ltd and why is it the SSB is lending them $7 million dollars of our hard-earned contributions to the fund for refinancing and inventory purchases? The term of the loan is for a period of 10 years, can someone from the Investment Committee disclose the interest rate?” Taegar-Panton said.

The SSB noted that principal and interest payments on the loan will be made monthly on the declining balance.

 

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