HEADLINES

$70 Million of Social Security Fund Written Off due to Douglas Regime Mismanagement

 

Basseterre, St.Kitts (September 12th 2016):- Minister of Social Security Hon. Premier Vance Amory revealed to another packed Discussion of Prosperity Townhall Meeting in McKnight that the Social Security was forced to write-off some $70 Million in bad debt due to the gross Mismanagement  of the former Dr. Denzil Douglas led SKNLP/NRP administration.

Amory told a stunned audience that some $70 million was written off because of bad investments by the former Douglas regime to benefit senior and key party supporters.

Premeir Amory made a commitment to the audience and the Nation listening via Radio, TV or Online that his Team UNITY Administration  will  address these types of possibly  corrupt matters and to keep the Fund viable not just for contributors, but other national stakeholders.

He said the Team UNITY government will committt to addressing and redressing the improper activities that took place under the Douglas regime and cost Social Security some $70 million .

“…Not buying land up in Milliken Mountain or where ever it is, which for years will never be developed, for millions and millions of dollars because those lands belonged to a Labour supporter- these things we must look at on those lands, and wherever we find improper activity we are going to address it and redress it,” said Premier Amory

Hon. Amory went on to say that the new Team UNITY Administration will be doing something different to ensure that the social security fund does not see another $70 million Load write-off.

Premeir Amory said “I think we owe it to the people of this country, we owe it to our associates, we owe it to our banking system, we owe it to National Bank, we owe it to the Central Bank, we owe it to the people who make their contributions to Social Security that when the time comes, having put their contributions in, they can get their pension or their benefits. So I want to make that clear- we are doing things differently.”

 

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