PUP Says No to Loan For Santander

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Updated: February 11, 2016

As the comments and feedback keep coming regarding the twelve million dollar loan to Santander from the Social Security Board continue, an official release from the People’s United Party was sent out today expressing opposition to the decision by the SSB’s Investment Committee to invest in the sugar factory in western Belize.  The release says that the party’s primary concern is the issue that the monies from Social Security are the people’s money and that is what is being used to invest in the foreign owned company.  The one page document continues by stating, quote, “The Santander Group is either strong enough to borrow an additional twelve million dollars from commercial banks or it is not. If it is not, then the SSB should not be making this loan. The twelve million dollar loan approved by the SSB to a subsidiary of the internationally known Santander Group is only a part of a larger Syndicated loan financed by local and international banks.”  End of quote.  The release, which was sent out by the party’s Communications Director, Anthony Mahler, ended by stating, quote, “On the basis of the limited information presently available, the PUP believes that this proposed loan is too risky and should not be made by SSB. The PUP stands in solidarity with the majority of Belizeans who oppose the loan of twelve million dollars to Green Tropics Limited. Whilst the project is beneficial to the Belizean economy, this loan from the SSB is not.”