After nearly two years in office, Premier Andrew Fahie is now alleging that the previously governing National Democratic Party (NDP) lost an estimated $70 million in invested interest from the Social Security Board.
Premier Fahie, who made that statement at a recent community meeting in Sixth Electoral District, said that loss was never disclosed.
He was responding to the backlash received from some members of the public when his government decided to acquire $40 million from the Social Security Board to put towards the COVID-19 Economic Stimulus plan.
“The money that was invested abroad, your Social Security money, made interest. And on that interest, Social Security — in their investment on the interest part of the money — lost $70 million. And they never told you a thing before we took office,” Fahie stated.
He added: “They lost $70 million of your money. But because some of them involved in it and are part of the status quo, you’ll never hear anything about those things so I have to start to speak them. And when I went for $40 million, they make it seem to the country that you coming to broke Social Security.”
Was no smooth sailing in acquiring $40 million
Fahie, who is also the Minister of Finance, also said his government had to follow a number measures to ensure that he was successful in attaining the $40 million from Social Security, in an accountable manner.
“We went to Social Security to get the $40 million and we didn’t just get it. We had to provide plenty paperwork. I went to three meetings with the Financial Secretary to try to help the people of the territory,” he stated.
More examples to come
The Premier also hinted that more of the proverbial dirty laundry will be brought to the public in short order, and he said he expects a number of persons from the past administration to come out of the woodwork.
“I’ll be waiting on them,” Premier Fahie stated. “But these are things that more and more as you talk, that more and more will get spoken. We not going to let them brand us how they want to brand us. We’re going to be branded how God put us on this earth to be branded.”
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