BVI News

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

Opposition Leader and former Social Security Minister under the previously governing NDP administration.

Opposition Leader Marlon Penn has labelled the recent allegations made by Premier Andrew Fahie on the Social Security Board as misleading and has said the so-called $70 million investment loss the Premier outlined actually occurred in 2020 — not under the previous NDP administration.

Penn, who is the NDP’s former minister responsible for Social Security, told BVI News in an interview on Tuesday that Fahie’s allegations are completely untrue.

“His explanation of the ‘loss’ as a 70 million-dollar loss on interest shows his gross misunderstanding of how an investment portfolio works. But also raises questions of his fitness as the Minister of Finance. Moreover, his statements and what he attempted to insinuate, are downright false,” Penn stated.

Funds invested for the long haul

Penn also explained the investment procedure used by the SSB, stating that the statutory body, through its Investment Policy Statement (IPS), invests the taxpayer’s funds using a stable long-term investment strategy.

“So our funds are invested for the long haul. In between investment cycles, you will have what is called ‘unrealised losses’. What that means is that we could have a loss on paper, but the loss would be unrealised if the investment instrument isn’t liquidated at the time of the dip. When investing for the long term, this loss could be recouped at the time of the maturity of the investment,” Penn explained.

“Typically, this has been the case with the SSB Investment portfolio. There have been two notable cases of unrealised losses with the SSB portfolio. One was in 2008 with the global financial crisis and the other most recently in 2020 at the peak of COVID-19 lockdowns. In both cases, the SSB investments were able to recover and make significant increases on the investment portfolios,” Penn further explained.

Facts about the $70 million allegations

The Opposition legislator further explained the facts of the $70 million-loss allegations as reported by the SSB in the 2020 Standing Finance Committee.

He said: “The SSB Investment portfolio had a 77 million ‘unrealised loss’. And by December, they had already recouped that 77 million dollars with an additional 40 million in gains as of December 2020. The records pertaining to SSB investment records will confirm this fact.”

“So the Premier’s statement about the territory losing 70 million on its interest or investment, is totally false and incendiary rhetoric, and another in a series of diversionary tactics aimed to again confuse, distract and mislead the people of the Virgin Islands, which is counterproductive and unfortunate, considering the times we’re in,” Penn added.

Allegation was Premier’s responsibility to report

He also said it was the responsibility of the present Minister in charge of the SSB or the Premier himself to report any needed information from the statutory body to the public since the allegations occurred under their watch.

The SSB is a corporate body established by statute and as such is required to report to the people of the Virgin Islands. This should be done through the Minister in Cabinet responsible for the SSB via its annual report that is laid on the table of the House of Assembly. The annual report is a public document and has all the details of the SSB investments on behalf of its contributors,” Penn stated.

“For clarity, I should add the nonfactual allegations levied by the Premier happened in 2020 under his administration and if anything was supposed to be reported, the Premier would be responsible to report it. It’s unfortunate that the Premier continues with more diversionary, misleading tactics at a time when we should be uniting together to manage the difficult issues we are facing,” he further said.

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76 Comments

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  1. Careful ....... says:

    Honourable, you need to shut up, and sit down too! Your group are not any better. All you politicians using fancy words to play games and deceive. Let the Judge diagnose the problem. Then we go from there.

    Like 10
    Dislike 122
    • Wow says:

      @Carefull…….. you really rushed to be the first comment on this post only to show your stupidity. No one is saying the NDP didn’t have fault also (I expect the COI will look into their dealing too) but VIP is our current government and we need to know what’s happening now. We are being blatantly lied to NOW and we want the truth (if this is indeed the truth).

      Like 84
      Dislike 5
    • Huh? says:

      For bringing clarity and truth to this matter? You are a clony. Can you please ask our Premier to bring the information forward on the $40M? The whole thing before we get to the records. Come clean clean because those who know have the records. Everybody had enough.

      Like 42
      Dislike 2
    • @Careful says:

      Here is a classic example of a buffoon blogging. Let’s see who shows up as corrupt when the COI is all over and done. The Premier spewing filth every chance he gets, and he must not be corrected??!! Shows the true level of idiotics who follow this green VIP.

      Like 59
      Dislike 1
    • Boo says:

      We with you. We don’t want to hear none of you. We want this COI to go through and let UK hold the reign for a while and put things in place to properly govern this place. Free us up from cronyism, victimization and systematic theft.

      Like 46
      Dislike 6
      • @Boo says:

        Look you racist jealous people, you all are not getting our land. You all will fall and fall hard if you continue on this path!

        Like 3
        Dislike 44
        • Reporting For Duty says:

          We can’t hear from Fraser oh. What you gots to say???

          • Yeah says:

            WE WAITING FOR A WHOLE LOT OF THEM TO SPEAK. I’M WAITING TO HEAR WHAT FRAZEEE AND MITCHEEE HAVE TO SAY.

        • @@Boo says:

          So tell us, how did these lands become yours? How did you become legal, ligit, legal and honorable owners of these lands? When did you purchase them? What did you pay for them?

          Await full and accurate documentation to these questions.

          Like 3
          Dislike 3
        • @@Boo says:

          Obtaining lands and other physical property by war, brutally and annihilation does not make that property yours.

          The audacity of your and your country’s political morality, or the lack thereof.

          Like 5
          Dislike 2
    • @Careful says:

      I am glad he came out and give some specifics because Andy up and down the place, unhinged, spewing untruths.

      Like 62
      Dislike 1
    • Shakespeare says:

      They are not fancy words Bozo. They are a clear explanation of financial facts. Something this government never does.

      Like 45
      Dislike 1
    • @Careful....... says:

      IT DOES NOT MATTER IF YOU ARE VIP, NDP, BLUEWAVE, PRP, PUP, SWITCHER FROM PARTY TO PARTY PAST AND PRESENT, EVERYONE IS UNDER THE GUN. THE TELESCOPE IS ON EVERYONE.

  2. Go to the doctor says:

    The m****l fitness of our Premier needs to be examined. Telling all these alleged untruths every time he opens his mouth is the sign of a bigger problem somewhere.

    Like 19
    Dislike 2
  3. hmm says:

    Thanks HON. Penn

    Like 71
    Dislike 8
    • YES, THANK YOU PENN says:

      THE PREMIER IS RUNNING AROUND ACTING ALL ERATIC TRYING TO SAVE HIMSELF. WE WANT TO KNOW WHAT HAPPENED TO THE PEOPLES 40 MILLION DOLLARS. FOR NOW, THE PREMIER NEEDS TO STEP DOWN FROM OFFICE AND TAKE CSC WITH HIM. THE PEOPLE HAS LOST TRUST IN THE PREMIER. HONESTLY, THE PREMIER MENTAL STATE IS COMING INTO QUESTION.

      Like 37
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      • Reply says:

        Can the Premier be Impeached, like they tried with Trump in USA? BVI would have greater grounds for success!

        Like 15
        Dislike 1
        • Reply says:

          Good question. However, the VI Constitution is quite different in that regard. I do not believe there is a mechanism to impeach a Premier under our constitution . Rather, a vote of no confidence can be called against him, or calls for him to be recalled can be made.

          Now, I noticed you hijacked my handler. Can you kindly use another to avoid confusion between what I post and what you post? Thanks.

  4. Fahie knows says:

    Either the “Premier” is uneducated on the matter and he is unfit to have finance under his portfolio OR he is spreading lies to provoke the uneducated minds. Either scenario is scary.

    Like 67
    Dislike 1
    • Rubber Duck says:

      Fahie,s lack of financial acumen is extremely scary. He clearly has no clue about it. That and his runaway mouth make him unfit to to be Premier of this country. Never mind possible corruption.

      Like 12
      Dislike 2
    • @Fahie knows says:

      I WAS THINKING THE SAME THING. IT IS SCARY THAT IS WHY MANY PEOPLE THINK IT WILL BE A GOOD THING IF THE UK STEPPED IN AND RUN THE COUNTRY FOR A WHILE. ONLY A WEAK MIND WILL BELIEVE THE FROTH THE PREMIER IS SPREADING. THE PREMIER SHOULD HAVE NEVER BEEN ALLOWED TO HAVE CONTROL OF THE FINANCIAL PORTFOLIO.

  5. Very Interesting says:

    One can only wonder what our misleading information we have been covered with… Whatever is in the dark always come to the light.

    Like 23
    Dislike 3
  6. @Careful..... says:

    Why must he shut up? shut up from stating facts? and keep lies floating around and burying things under the rug as we are so accustomed to doing in BVI. You the one need to shut up and sit down. Have several seats.

    Like 24
  7. Clarity says:

    Thank you Hon Penn for clarifying this. I hope persons read and understand. That Premier is a real piece of work. The BVI public must wise up real fast as this Government thinks we are all fools.

    Like 52
    Dislike 1
    • Yep says:

      We following but NDP ain’t getting back there either. Time for a new party. We ain’t giving no second chance to no party hereinafter once they mess up in round one.

      Like 2
      Dislike 3
      • Donald Trump says:

        A new party with Mitch as the premier? ?

        Like 3
        Dislike 9
        • ? says:

          He lies too

          Like 2
          Dislike 1
        • @Donald Trump says:

          ARE YOU SERIOUS? NO FREAKING WAY. MITCH IS SO NOT READY TO LEAD THIS COUNTRY. WE NEED TO DO A FULL SCALE HOUSECLEANING. EVERYONE NEEDS TO GO AND A WHOLE NEW FRESH GOVERNMENT NEEDS TO BE INSTALLED.

          Like 11
          • Donald Trump says:

            @@Donald Trump – of course I was NOT being serious. That was sarcasm lol.

            I would prefer to see a clean slate. However, this is not practical because our options are rather limited.

            Simple solution: tweak the existing framework and incorporate elements of transparency, accountability, ethics and good governance. This would (hopefully) deter our elected officials from stepping out of line.

  8. Focus says:

    My people stay focus. If Andrew knew this all along, why wait until now. People of the BVI wake up. Don’t get caught up in all the fancy talk from Andrew and his cronies. Both parties have issues, but Andrew and his cronies drove the nail home. Stay focus on the issues the Gus asked to inquire about:
    1. Claude Skelton Cline and his never ending contracts
    2. Victimization
    3. Security Firm
    4. Escalade
    5. Stimulus Package (did you apply and still waiting?)
    6. Statuary Board Members (P.L, B.S, K.H. on numerous boards)

    Stay focus to the issues at hand.

    Like 54
    Dislike 2
  9. Deh Watcha says:

    Leader of the opposition, keep quiet and let the Social Security Board respond.

    Like 4
    Dislike 34
  10. When I thought..... says:

    Andy will be a one-termer, looks like he will be half a termer! Oh jeez… ting to tell the king

    Like 26
    Dislike 1
  11. Really says:

    He can’t shut up about something like this…..the Premier looks like he is listening to and regurgitating some bull from his advisors who clearly have no clue. This is why you need Board members with common sense!

    Like 40
    • IF YOU ASK ME says:

      THE BOARD IS ALSO CORRUPT. TO MANY PROPLE IS SHIFTING SEAT TO SEAT.

      • Agree says:

        THE BOARD MEMBERS BETTING NOT THINK THEY ARE EXEMPT FROM ANY OF THIS. THEY ARE JUST AS RESPONSIBLE AS THE OTHERS THAT IS BEING ACCUSED AND IS UNDER INVESTIGATION. THE HAMMER IS GETTING READY TO DROP ON A LOT OF HEADS.

  12. WOW says:

    The Premier is WAY OUT OF HIS LEAGUE! HE NEEDS TO GO!!!!

    Like 41
    Dislike 1
  13. Johanna says:

    The premier needs to get advice from his financial adviser before speaking on the 70m matter.clearly it shows he is ignorant on such matters.

    Like 40
  14. jokes says:

    I’m surprised the former premayor has not come on as yet with his defence.

    Like 6
    Dislike 1
    • @Jokes says:

      I AGREE, HOWEVER, THEY HAVE TO BE VERY CAREFUL AS TO WHAT THEY SAY AND HOW THEY SAY IT. ALL EYES AND EARS IS ON EVERYONE THAT IS AFFILIATED WITH POLITICS. EVERYONE IS BEING WATCHED LIKE A HAWK. RIGHT NOW, THE TRUST IS GONE.

      • jokes says:

        I know. Only they don’t know that. They are easy to get belly run and start having press conference to clear their name. That’s the best of them.

      • Fact says:

        Is that evidence must have been already gathered from the past administration. Then here comes this administration doing some of the same things the last one did and some things are so blatantly corrupt that they can’t even see it for themselves. Poor hindsight in this matter. The last nails were pounded in with this administration and they kept pounding on the Governor who had the handle. Blind set if people. It does not make sense to keep talking about this matter because it’s done. Gather up yourselves less the people who have nothing to add except encourage others to victimize people and get this country in order. Put the things in place that are needed to effectively govern and stop this nonsense. I agree that you guys need to take a break until this COI is completed. Give the commissioner clear access to the ministries and departments and If you did nothing wrong then there should not be any fear. Trust the process.

  15. PEZ KOI says:

    This thing is getting out of control. I WISH THE PREMIER WOULD JUST KEEP HIS MOUTH SHUT AND WAIT FOR THE PROCESS TO TAKE ITS COURSE. EVERY TIME HE OPEN HIS MOUTH, THINGS GO FROM BAD TO WORSE. THIS IS VERY SERIOUS. THE BVI IS UNDER A MICROSCOPE AND EVERYONE IS BEING WATCHED. LIKE MOMMY ALWAYS SAID, IF IT DON’T BELONG TO YOU, DON’T TOUCH IT.

    Like 16
  16. M and J says:

    Hon. M. has a help meet there whose acumen is tops in this subject matter. She was my professor at HLSCC and as the young people would say “She bad.”

    In that regard, they got man to deal with to try to refute his assumptions and analyses.

    I am so ova it with all of this hauling and pulling while the constituents of this land facing so much dire circumstances.

    God is watching from a distance you all carry on.

  17. Sue says:

    I always said that THE PREMIER SHOULD NOT BE THE ONE THAT SHOULD BE HANDLING THE FINANCIAL PORTFOLIO. THE PREMIER IS GOING DOWN AND HE IS GOING TO TAKE EVERYONE PAST AND PRESENT IN GOVERNMENT WITH HIM. EVERYONE IS RUNNING SCARED. A STREET SOURCE SAID WARRANTS IS GOING OUT SOON.

    Like 19
  18. BVI Observer says:

    Why not post the SSB annual audited financial statements and quarterly interim financial statements on the SSB website so that they can be viewed by all stakeholders thereby de-politicising the matter?

    Like 17
  19. Well my boy says:

    HEY FOY, YOU THINK RUNNING A COUNTRY IS EASY OR WAS GOING TO BE EASY? YOU WANTED THE POWER AND IT WAS GRANTED TO YOU. I WANT TO KNOW LIKE EVERYONE ELSE WANT TO KNOW WHERE IS THE 40 MILLION DOLLARS? WHERE DID THE MONEY GO? PLEASE SHOW US THE MONEY.

    Like 10
    Dislike 2
  20. Thing can’t done says:

    1. The Premier is digging a deeper hole for himself . Marlon give the facts . 2. One person in a job, sitting on two paid boards ( not qualified ) and have business in parents name . Your unscrupulous behavior in weeding out and displacing people positions and jobs have cost you !!! You started too fast . Now you have to lie your way out and blaming slavery . The COI is laughing … The Governor would not do this without factual information !! The corruption was getting to blatant . You have sealed the fate of many . Stupid move to attack the Governor. Is is the white man who is doing the corruption in the BVI ??????

    Like 17
    Dislike 2
  21. Would tend to agree says:

    If the Premier is going down, he is not going down alone. HIS FAMILY WILL GET IMMUNITY, NO ONE ELSE WILL. RIGHT NOW, THE PREMIER M****L STATE APPEARS TO NOT BE IN A GOOD PLACE. PEOPLE NEED TO UNDERSTAND AND FACE THE SERIOUSNESS OF WHAT IS GOING ON. WE ALL HAD HAND IN THIS AND WE CHOOSE TO LET THE PROBLEM GO ON FOR YEARS. NOW OUR CARDS GOT PEEPED AND WE HAVE TO ACCEPT WHAT PUNISHMENT WE ARE FACING. OH YEAH, FOR SURE WE WILL BE PUNISHED FOR OUR ACTIONS.

    Like 5
    Dislike 1
  22. Fahie lying? says:

    No I don’t believe it, why would he ever do this?

  23. ?? says:

    IF WHAT MR.PENN IS SAYING IS TRUE ABOUT 2008, WHICH PARTY WAS IN POWER.??

    • @?? says:

      Do you realize how DUMB you people sound? That is like blaming the sitting Government for incorporation numbers at the registry being lower than the previous year. There are market forces and other external forces that affect institutions such as BVISSB and their investments. They have qualified investment managers over there who continue to do a damn good job with the people’s money. The fact that the Premier, Minister of FINANCEEEEEEE can stand in public and make such dumbbbb statements should make every single one of us shudder with shame. He is upset because he couldn’t walk into BVISSB and walk back out with 40 mil with no strings attached. Then he is wondering why there is a COI ongoing into their conduct?

      Like 21
  24. Hon Penn says:

    One question…. where is the east end sewage project funds? How was it spent?

    Okay 2..

    Like 7
    Dislike 4
    • Answer says:

      Pier park

    • Answer says:

      Funds were diverted to finish the Tortola Pier Park which is valued at over $100 million based on the last appraisal. It has also brought in millions in revenue to BVIPA and provided locals and tourists alike with a nice place for shopping/dining/hanging out. The Pier Park is a beautiful gem and no propaganda will change that. Remember it was one of the only places standing tall after Irma so I would call that value for money. Next?

      Like 11
      Dislike 3
  25. Please understand says:

    What the past and present Administration failed to realize that when they were running to Government House to past and present Governors carrying news and snitching each other out, they were being watched. Don’t blame GUS, BLAME YOURSELVES. BET MOST OF YOU WILL STAY CLEAR OF GOVERNMENT HOUSE UNLESS YOU WERE INVITED OR ON OFFICIAL GOVERNMENT BUSINESS. THE NEWS CARRYING STAYS OUTSIDE THE MAIN ENTRANCE.

    Like 11
  26. PWD says:

    Ask him about Georgie Hill road also….no Whistleblower protection, no effective Consumer Legislation. That’s why I pray that the Unexplained Wealth Act is fast-tracked with teeth to bite the rabid dogs barking the loudest for all these years while milking the Treasury.

  27. Plain and Simple says:

    We the people is asking/requesting that the VIP Administration step down. This is not about I like you, who you are related to or what last name you have.

    Like 11
    Dislike 1
  28. Anonymous says:

    Hope Skelton and crew are remaking and rebranding. Our country is in a perilous ocean and is about to be swallowed up by the british great white shark

    Like 7
    Dislike 4
  29. Oh my goodness says:

    Everyone is dropping dimes on each other to save themselves. Names is dropping right, left, front and back. No joke Y’ALL, people is running scared wondering if their names or John Hancocks is going to pop up and connect them to the scandal. LOTS OF PEOPLE GOT IN TO DEEP. OH WELL, YOU MAKE THE BED, YOU LAY IN THE BED.

  30. Math Quiz says:

    Ok Mr Leader of Government Business, lets do some Math I think that Social Security Lost MORE MONEY if we are using your math logic.

    $70 Million in Investment Portfolio for 2020

    + $40 Million TAKEN BY YOUR GOVERNMENT

    Equals $110 Million Lost

    At least we can account for the $70 Million by examining SS Records. Now, would you you care to tell THE PEOPLE of the BVI where ALL that $40 Million went. Can you give an Account?

  31. Yep says:

    The unqualified lady in the full time job at BVIHSA and on two paid boards especially the one at BVIPA victimizing and bullying a lot of people at the ports and not only at the ports. She thinks people are afraid of her but the first thing they needed to do was test her brightness in spelling Board. How did our Premier get caught up with these characters or better yet how they got running the country? It wasn’t CSC alone who brought him down.

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