Prime Minister Gaston Browne has told Parliament that shares in the West Indies Oil Company (WIOC) cannot be transferred to the Social Security Scheme because they remain tied up in a legal dispute.
Browne was responding to Opposition Leader Jamale Pringle, who argued that WIOC shares would be a better investment option for the scheme than the Jolly Beach Hotel.
He was speaking in parliament yesterday. Watch Below:
Prime Minister Gaston Browne has told Parliament that shares in the West Indies Oil Company (WIOC) cannot be transferred to the Social Security Scheme because they remain tied up in a legal dispute.
Browne was responding to Opposition Leader Jamale Pringle, who argued that WIOC shares would be a better investment option for the scheme than the Jolly Beach Hotel.
The Prime Minister said his administration is legally barred from moving the shares because of a long-standing matter with HMB Holdings. “Even if we wanted to transfer our shareholding in West Indies Oil into Social Security, those shares are currently tied up as a result of the outstanding amounts owed,” he explained. He noted that the government had reduced the liability from US $48 million to about US $13 million, but until the debt is fully settled, the shares cannot be vested in any entity.
Browne maintained that Jolly Beach remains the only viable option, highlighting that the hotel has been cleared of debt and is now profitable. He argued that the property’s improved financial position makes it a stronger and safer proposition for Social Security than alternatives suggested by the opposition.
The Prime Minister added that other proposals, such as investing in energy companies or State Insurance, were not feasible at this time. He insisted that his government’s record of turning around struggling assets demonstrates that Jolly Beach offers the best opportunity to grow Social Security’s reserves and protect future pensions.
