BVI News

NDP gov’t lost $70M from SSB that was never disclosed — Premier

The Joshua J Smith Building houses the Social Security Board and NHI offices.

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.”

Premier’s claim that NDP lost $70M from SSB totally false!

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66 Comments

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  1. Hmmm says:

    the most I can tell you with that is I don’t know the government does direct social security investments abroad social security board have advisors that advising them where to put the money overseas rights and mutual funds or investment or stock market I don’t know about that I ain’t getting involved there

    Like 25
  2. the watcher says:

    are the people this easily mislead? Coming with a half baked story to blow up what seem to be investment losses in the ordinary course of business – markets do go down sometimes 1. Was this investment losses? 2. Over what period? 3. Has the premier produced anything repeat anything to say what the current value of the SSB Fund is? Where is the $40mm he withdrew?

    Like 76
    Dislike 3
    • Thanks a lot says:

      WE THE PEOPLE WANT TO KNOW WHERE IS THE 40 MILLION DOLLARS THAT WAS WITHDRAWN WENT. TRANSPARENCY PLEASE!!!!!!, THANK YOU.

      Like 74
      • I am sick of this says:

        Did you the people not listen to the official breakdown of the allocation of funds when it was first proposed to do something to help the territory during covid 19!?

        I am sick of people asking for information when they never paid attention in the first place.

        Like 7
        Dislike 18
        • Not so fast says:

          We want to know how it was further drawn down. Who got contracts, who got stimulus, who got what. The draw downs after the draw down.

          Like 9
          Dislike 1
  3. Truth says:

    You get pressure and you start sell out. I see the kind of man you are

    Like 79
    Dislike 4
    • Not sell out says:

      It’s called transparency. You guys wanted it.

      Tell it all Premier since the Board will not report to us the people.

      Like 11
      Dislike 11
      • no says:

        that is not transparency, it’s near opposite of that. There is no information whatsoever in this claim. It’s like saying tourist board lost 10mil. Well why and how was it lost? Stolen? Bad investment? Or was it something out of there control like Covid for example.

        Like 8
        Dislike 2
  4. J. Smith (BVIslander Abroad) says:

    Why is the Premier so misguided? SSB has NOTHING to do with NDP, VIP or LMNOP!!! It’s a statutory body that manages its own affairs exclusive of Government. Furthermore it seems like the Premier and handlers are absolutely clueless as to how investment schemes work as there’s no way the SSB ‘lost’ $70 million dollars on the interest side (Laughs!!!).

    It seems there are people that don’t mind destroying the entire Territory just go get back at specific people. Here we are in the middle of a contentious relationship with the UK, a Commission of Inquiry that details alleged corruption and mismanagement and these are the types of statements being made by our Premier? The same person that allegedly couldn’t keep out of Jaspert’s residence complaining about NDP when he was on the other side? This situation is far bigger than any party or any of us individually and we better wake up. I was so ashamed and disappointed about the Premier’s rant, so distasteful and unbecoming for a leader that claims to want the best for this Territory. The BVI is in a sad sad place and it is painful to watch.

    Like 139
    Dislike 3
  5. Wow! says:

    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.”

    I am speechless. Who needs the UK when our own Premier is willing to throw the entire BVI under the bus just to prove a silly point. I thought we elected adults to lead the Territory? Meanwhile the other elected officials are SILENT!

    Like 91
    Dislike 2
  6. What is the difference says:

    BOTH VIP AND NDP IS GOING TO GET BLOWS BEHIND THIS. THE BLAME GAME IS NOT GOWING TO WORK. LIKE I SAID, BOTH PARTIES IS GOING TO CATCH SOME MAJOR HEAT BEHIND THIS. EVERYONE IS RUNNING AROUND PANICKING, LOOSING SLEEP AND GROWING MORE GRAY HAIR AT A RAPID SPEED. IF A MAN IS ACCUSED OF SOMETHING AND IN HIS HEART OF HEART KNOWS THAT HE DID NOTHING WRONG, HE HAS NOTHING TO FEAR OR WORRY ABOUT. LMAO, A LOT OF PEOPLE IN THE BVI IS RUNNING SCARED. FROM WHAT? THE UNKNOWN? THE BACKLASH THAT IS COMING?

    Like 30
    Dislike 2
  7. islandguy says:

    Perhaps an off shore, independent audit of each government department might be in order? That way the finger pointing will become a non issue.

    Like 31
  8. SB says:

    Ridiculous You think Myron Walwyn was in the SSB picking stocks for them to invest in? What a joke. Markets fluctuate, they could have very well recouped all this investment loss and more in recent years–the stock market was doing quite well until Covid hit.

    In fact, the SSB was completely independent from government interference up until this year when THIS GOVERNMENT took out $62 million in stimulus and threw it down a rathole. Of course, the average BVI resident doesn’t understand that, which is what the premier is counting on by spewing his misleading nonsense.

    Like 76
    • @SB says:

      YOU UNDERSTANDDDDDD!!!!!!!!

      Like 13
    • @SB says:

      Your statement is inaccurate. Government has been borrowing from SSB for years. It’s either you are misinformed or deliberately providing false information. That’s why you cant trust the people that are commenting. A lot of falsehoods are being spewed by people like yourself.

      NDP borrowed $16 million from SSB for road repairs in April 2015, Social Security has been used to finance the hospital, bailout National Bank all kinda thing under NDP. Ask Roy if all the loans have been paid in full.

      Like 9
      Dislike 2
      • cut and paste says:

        like you said NDP borrow 16 mil.! to be paid back. VIP got a grant of 40 Mil. NOT TO BE PAID BACK

        Like 13
      • @@SB says:

        This proves nothing! SSB loans money and charge interest thereby MAKING MONEY! The $40 mil for stimulus was a grant..NOT a loan! The topic at hand is $70mil lost which we know is a BOLD FACE LIE because yoh are trying to defend VIP by pointing to loans that were issued for far smallee amounts.

    • @SB says:

      Just like he didn’t have the direct legal contract with Social Security Board for legal representation but yet his law firm was up and down in the Court representing social security board on plenty cases on some kind of sub-contracting arrangement. Just like he had an oral contract for catering services for the HoA and the African say is not a contract because it was written. Imagine! Commission of Inquiry we waiting.

  9. HAHAHAHA says:

    Fahie, is what I read on these sites your team’s communications strategy?

    As I read it, there’s nothing to worry about with the COI. It would seem most things can be chalked up to ineptitude.

    P.S. Nice quote, “three” whole “meetings”, cool

    Like 24
  10. lawdee says:

    Look, no movie can beat this sinking titanic. So the chief is now prompted to tell us about this? why now? Mr. Hikkingbottom I hope you’re listening.

    Mr. Premier you have a chance to provide info to the Commissioner of inqury. You can do so anonymous on a microphone as well.
    On a serious note, UK or bush lawyer need to bell this cat. He sound like a child now spilling the beans on his brother or sister when its time to get a whooping from parents.

    Like 52
  11. I am tired says:

    It is this same conduct that has us where we are and our leader Premier Fahie doesn’t have the inte*******e or the self restraint to stop and take stock of himself. The constant untruths continue to come. He is the main reason why this country is in such a mess.
    First of all, Social Security is run by a board. The board members and the various directors are the ones who oversee matters at social security. Government ministers do not get involved in the boards investment decisions. They have their advisors who advise them on these things.
    Secondly, the stock market goes up and it goes down. So sometimes you lose on an opportunity and other times you gain but the principal sum invested remains yours. So to say that social security had a loss of 70 million is not true.
    Can someone please take our Premier to have his head examined. I am very serious. I am convinced that he has a problem. This constant uncontrollable l**** is not normal.

    Like 43
    Dislike 1
  12. werewolf of road town says:

    Serious question
    Am I the only one who was happy to see him become Premier only to be let down big time?

    Like 48
    Dislike 1
    • @ werewolf of road town says:

      I am not the least bit surprised about the behaviour of the Premier. If you knew him on a personal level, you will understand where I’m coming from… (who know, know)

      Like 33
  13. Just Wow says:

    This Premier is doing more to bring the BVI into disrepute that the Governor or the UK could ever do. Please just siddun and shuddup! The way this Premier is going on, the BVI will be blacklisted by the EU without even waiting for the results of the COI. Carry on like this and you can wave your financial services industry goodbye.

    Like 39
    Dislike 2
  14. Uh huh says:

    $70 million in interest ? Considering you’d be very fortunate to make 1.5 -2% in interest the past few years, you would have needed $3.5 BILLION to make that. Something stinks and it ain’t old fish

    Like 29
    Dislike 2
  15. OMG says:

    I don’t know all the details but there was a lawsuit against the government from the water machine guy who had a contract and the government did not honor the contract. Went to caught and won the case and this was Millions of $$ had to be paid by the government as they did not fulfill the contract he was awarded. THis needs to be investigated as another example of miss management. Sorry I don’t have all the details.

    Like 15
  16. Ahahahhaha says:

    LMNOP. Funny, but on a serious note though, Mr. Premier, your deflecting tactics will not work.

    Like 28
  17. EU Citizen says:

    “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,”

    “We had to plenty paperwork. I went to three meetings…”

    Poor you, hard work and a lot of assets locked up.

    Like 19
  18. Hmmmm says:

    The Premier’s mental health is now in question. What the h**l is he on?

    Like 32
    Dislike 2
  19. moo moo says:

    It look like Andrew start to smoke the *** and none ain’t get plant yet. He got to be ***. He done in trouble already and he still talking and talking and talking.

    Like 9
    Dislike 1
  20. BVI we need leadership more than ever. says:

    Boss man you got the Premiership and you supposed to lead by example help us out of this Economic hardship not complain about the previous Government. Big Man people out here hurting look at the lines by FSN BVI folks got pride them don’t like to beg and you picking fights daily with Ex Governor.
    Quito’s closing end of the month Moorings opening up in USVI ???? Yacht Haven Grande. Premier and CSC spitting this self determination nah boss let us the people of the BVI ???? decide that not you. We ain’t Cuba, China nor Russia. I ain’t affiliated with no party either, l am for BVI and l Usually don’t comment but the blind can see what’s happening. It’s so amazing 8 other party members just sitting chilling and watching this Terrible leadership. Unbelievable Alevra is most season politicians there. Wow

    BVI folks listen enough is enough we only have us don’t let these politicians destroy or beloved BVI.

    Like 31
    Dislike 1
  21. Deh Watcha says:

    And only now you reporting this to the people. So if the COI was never launched this would be under the rug still.

    It is save your own skin time in the BVI.

    Like 16
    Dislike 1
  22. Listen...... says:

    Andrew, I hold you responsible for my popcorn running out..Yup

    Like 13
  23. Citizen says:

    Hon Premier, needs to STOP. Tell the truth. Investments go UP, investments go DOWN. that is how the game is played. STOP with the stoking the flame SH…t.

    this has been going on from DAY 1. why is it news now.

    Like 14
  24. Tired says:

    This is disgusting. First the high level of continuous disrespect being led by three stooges, poisoning the minds of our innocent youths. Poor representation of the Virgin Islands people.

    Then came payback time, in the form of the COI that has cast a dark cloud over the entire BVI. Now the mudslinging is surfacing. He say, she say, dem say.

    Childishness all around. Now we are hearing talks about independence. Without protection from our own army? We barely have a decent police force. Without our own currency? Are you all for real? Mind you, let’s not try to run fast before we know how to creep.

    Stop the madness. Please.

    Like 11
  25. Give me a break. says:

    I’m picturing him as a child getting caught with his hand in the cookie jar. His only response is to point at his brother and try to deflect the blame. Mr. Premier, your predecessor’s mistakes do not excuse or justify yours. Focus on now, and fix your administration.

    Like 16
  26. Really now says:

    My former bank sold their business and then sold my investment in the middle of the covid outbreak when the market was down and I lost thousands of dollars, mybe I should blame the government for that.

  27. Strange says:

    “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.”

    …’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.”

    THEN UNDOUBTEDLY THERE IS SYSTEMATIC CORRUPTION!!! THE FORMER GOVERNOR WAS CORRECT IN HIS DECISION.

    Like 13
  28. T says:

    C S C , also was a NEWS CARRIER ALSO. “Ting 2 Talk”

    • @T says:

      We know about that as well, right now CSC IS BUSY TRYING TO FIGURE OUT A WAY TO WRANGLE OUT OF THIS. CSC IS GOING TO SAVE HIMSELF AND LET THE OTHERS GO DOWN WITH THE SINKING SHIP.

  29. LMAO says:

    GOVERNMENT SCANDAL ROCKING THE BRITISH VIRGIN ISLANDS. GREED, CORRUPTION, INTRIGUE, SCANDAL AND VICTIMIZATION. A MODERN DAY SOAP OPERA.

  30. Jamie says:

    If these Social Security funds had been invested properly and enjoyed the performance of the stock market and dividend reinvestment over the past 5 years the net gain could have been a $70 million gain…that is a substantial difference from the loss announced today!!…total incompetence!!

    Like 1
    Dislike 6
  31. cut and paste says:

    this man feeling some serious pain mehson !!!!!!!!!!……why crying like a child?

  32. VIP says:

    THIS INFO. WAS OUT IN 2019, WHILE ON THE CAMPAIGN TRAIL.THE REP… WHO WON IN DISTRICT SEVEN HAD MADE KNOWN.

    • Fact says:

      However the current district 7 rep tells untruths too and is a waste of time. From the time we hear about them school papers at hLSCC not getting marked we should have listen. it is time for a brand new person. kP don’t bother come either because you had 20 whole years. Position don’t do work and position don’t listen to people. The person who we want know so step forward for us next round. It is time. Real people knows real.

  33. The Nation says:

    Bottom line is if we lost the $70M we should have know about it. Don’t these board make reports to the House of Assembly? If not, why not? $70M is a lot to lose. It should have been disclosed to use before now.

    Like 1
    Dislike 1
  34. Not Me! says:

    “If you hi k I’m a Thief, you should see what the other guys stole!!!” What the hell kinds show you running here, Andy? If you knew about it, you should have blown the whistle. It’s called aiding and abetting, conspiracy to commit fraud and being an accessory-after-the-fact to a crime against your people. Your “wait until I tell you what else I know” propaganda won’t get you off the hot seat this time. Good thing those flights to Panama are still operating, eh?

  35. Oh the irony! says:

    The statement was made in a 6th district community meeting? In the shop yard of the man who is no longer against the ruling party but claims to be an advisor? In the forum where an ex-NDP, now VIP rep. was present? I am not sure if NDP has anything to do with SSB choice of investments. I am also not sure about the timing and intended outcome of the allegations. Oh dear.

  36. Bad Marketing.. says:

    I don’t know Who is advising The premier to bla bla everything thing he thinks,, According to the bible he often spoke about that’s not a wise thing,,, Now is the time to let the lawyer speak,,, Every time the Premier spoke He sinks himself and the country deeper in guilt,,,

  37. Well sah says:

    Hahaha why only now ppl hearing about this?????
    Andrew taught he would have thief and get away too lmfao
    But his luck ran out
    The way his administration running right now is a blame game
    Andrew going down and it seems as if he bringing all the businesses in the bvi down with him
    He failed to realize that big businesses starting to close down because of his foolishness
    But he protecting ppl from coronavirus

  38. Vino story on Jan. 25th says:

    Honestly Speaking’ radio host, Mr ‘Claude O. Skelton-Cline says it is a culture of gossip and rumours in the Virgin Islands that sparked the Commission of Inquiry as announced by Governor Augustus J.U. Jaspert before his departure.’

    Have a chat in private with your Premier. Hes doing nothing to help the situation with this kind of public rant.

  39. Fa-hee's Dr*g Dealer says:

    The Good sh*t

  40. Corona says:

    When you look into it objectively the VIP current government did not create the corona crisis they did their part to help when the UK said we need to fund stimulus ourselves and now they fund the stimulation with local money and people have it as a sin.

    If you applied and did not receive a reply check in on it. Is your representative. If you are not eligible stop the jealousy. Many people were not eligible to receive the first and second US stimulus

    How y’all going on this is the one and only stimulus any politician will be willing to fight for. Next time they will say things tight no money for anyone no tax money returned to the people in a crisis.

  41. Robbery says:

    The more these people talk the more you realize that they are really not intelligent people. A grant is something that should be given of the donor’s free will. From the words from the Premier and the Minister for Social Security you could tell that they f***ibly took this money from Social Security. Read careful above.

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