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UDP objects to $9 million Social Security Board loan to little-known distillery company

Posted: Tuesday, November 14, 2023. 1:31 pm CST.

By Aaron Humes: A notice published in the weekend newspapers of November 10 by the Social Security Board (SSB), announces that it intends to lend a company named Premium Spirits and Liquors nine million dollars at a rate of 7.35 percent interest.

The loan facility, per the notice, is for 12 years with two years’ principal moratorium. The purpose is to build a new distillery and purchase equipment as well as start-up capital.

Not much is known about who owns the company and its prior track record, drawing objections from the Opposition United Democratic Party through its organ the Guardian.

On the Guardian’s social media page, the party claims that “It is yet another loan of concern since it is start-up capital being secured in an oversaturated market. So far, the SSB has lent in excess of 67.8 million dollars in this year alone.”

There have been repeated objections by both political parties when in opposition about investments made by the Board with taxpayers’ contributions as has been seen in the cases of Santander Sugar, the Belize Airports Authority, and the planned administrative campus on Lake Independence Boulevard.

Comments on the proposed loan will be taken by the SSB Chief Executive Officer via email address [email protected] for ten business days (Monday-Friday) from the date of first publication of the notice.

 

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