IS THE FIDUCIARY RESPONSIBILITY OF THE SOCIAL SECURITY BOARD SIDELINED?

In 2003 the Social Security Board (SSB) purchased 1,000 acres of land in North Ambergris Caye from the Government of Belize (GOB) and received Minister’s Fiat Grant No. 998 of 2003. Subsequently in 2006, the Social Security Board purchased an additional 2,487.444 acres of land in North Ambergris Caye and received Minister’s Fiat Grant No. 12 of 2006.  In 2005 however the SSB received a Minister’s Fiat Grant No. 873 of 2005. This was title for 3.69 acres of land, an island known as Cayo Frances, and was given to the SSB to increase the value of the asset to the SSB. As of December 31, 2009, these assets carried a value of BZ $10,636,234 on the books of the Social Security Board.

Some time last year this and another newspaper carried a story that the SSB’s Cayo Frances was now in the ownership of Minister Rene Montero.  A title search at the Lands registry indeed generated two titles to this island; one in the name of the SSB given in September of 2005 and another in the name of Rene Montero in 2007.

How two titles to the same property were acquired is not the interest of the owners of the SSB Fund. What is of great interest to them is that not a whisper of this quandary is heard from their representatives on the Social Security Board. Where are the representatives of the Belize Business Bureau, the Belize Chamber of Commerce and Industry and the Unions?  They are the trustees of this Fund and as Board Members have a fiduciary responsibility to ensure that the Fund does not loose a valuable asset. This island is valued at least $1.6m BZ dollars, a purchase price proposed to the SSB back in 2006. Today the market value of this prime real estate has tripled and could increase exponentially in a couple of years.

Interestingly and more importantly is where the media is? When the SSB purchased this land in 2005-2006 there was outcry, especially by the media, that the SSB was not getting value for money. How is it that the media does not make mention of the Prime Minister’s evasive response when questioned about this issue. How can this very important issue remain in the backburner and seemingly not in the interest of the public when this asset remains on the books of the Social Security Board? This island is part and parcel of the assets of the SSB.

The Prime Minister’s response leaves one to question whether the SSB funds stand to loose the value of the island that in 2006 stood at $1.6 million dollars. When will the stakeholders or the contributors to the fund (the workers/employers) be advised/consulted on the write-off of this asset? Will the Social Security Board not fight for legal compensation? If the Board of Directors were true trustees of the fund they would not allow for this island to be given to another title holder as legally the SSB is the rightful owner of this island.

Madam Chairman of the Social Security Fund, the true owners of the fund demand an answer! The people demand the transparency and accountability promised to them!

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