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SSB lost $70M in interest under NDP Gov't– Premier Fahie reveals

- said it was kept a secret by previous government because of those involved
Opposition Leader and Member of the National Democratic Party (NDP), Hon Marlon A. Penn (R8), right, has been heavily critical of the Government using money from Social Security Board (SSB) to fund the COVID-19 Stimulus Plan, but has failed to mention that SSB lost some $70M of interest under the NDP regime. Photo: VINO/File
Premier Andrew A. Fahie (R1) has termed as 'wickedness' the allegations of corruption surrounding the Stimulus Plan being pedaled by some persons. Photo: VINO
Premier Andrew A. Fahie (R1) has termed as 'wickedness' the allegations of corruption surrounding the Stimulus Plan being pedaled by some persons. Photo: VINO
On May 28, 2020, Premier and Minister of Finance, Hon Andrew A. Fahie (R1) announced a $62.9M Phase 2 Economic Stimulus Plan and that Social Security Board (SSB) had agreed to assist his Virgin Islands Party (VIP) Government with $40M as part of the Stimulus Plan. The money was officially handed over on July 3, 2020. Honourable Fahie, 2nd from left, and Financial Secretary Glenroy A. Forbes, 2nd from right, pose with the $40M cheque. Photo: Team of Reporters
On May 28, 2020, Premier and Minister of Finance, Hon Andrew A. Fahie (R1) announced a $62.9M Phase 2 Economic Stimulus Plan and that Social Security Board (SSB) had agreed to assist his Virgin Islands Party (VIP) Government with $40M as part of the Stimulus Plan. The money was officially handed over on July 3, 2020. Honourable Fahie, 2nd from left, and Financial Secretary Glenroy A. Forbes, 2nd from right, pose with the $40M cheque. Photo: Team of Reporters
BAUGHERS BAY, Tortola, VI- In a shocking revelation, Premier and Minister of Finance, Honourable Andrew A. Fahie (R1) has said the Social Security Board (SSB) lost some $70M in interest from monies invested under the previous National Democratic Party (NDP) administration.

He asserted that the public was kept in the dark about it because of who were involved.

Premier Fahie was at the time speaking at a community meeting in Baughers Bay, Tortola, on January 23, 2021, when he reported on the many things the Virgin Islands Party Government has done since taking office and especially during the COVID-19 pandemic era.

He also addressed the scant allegations of corruption allegedly taken to then Governor of the Virgin Islands Augustus J. U. Jaspert, which led, in part, to him launching a Commission of Inquiry.

Revelation time!

According to the Premier, his administration has spotted many things that will continue to be brought to the public domain, since detractors, including persons affiliated with the NDP, are now trying to malign his Government’s legitimate and transparent move to use monies from Social Security as economic stimulus in the face of the COVID-19 pandemic.

On May 28, 2020, Hon Fahie had announced a $62.9M Phase 2 Economic Stimulus Plan and that SSB had agreed to assist his Virgin Islands Party (VIP) Government with $40M as part of the Stimulus Plan.

The money was officially handed over on July 3, 2020.

Opposition Leader and Member of the National Democratic Party, Hon Marlon A. Penn (R8), although presenting no alternative plan for financing the stimulus plan, slammed the Fahie Government for the move in a May 29, 2020, statement.

Hon Penn had expressed concern that most of the funding for the Stimulus Plan was coming from Social Security Board. “I am even more concerned that this is being termed a grant," he had said.

Hon Penn had added that what is very unclear to him is if that funding could or should be had as a grant. "It is incumbent upon the Premier and Minister of Finance to justify and explain this, in the context of the Board’s current financial position, its legality and its long term sustainability," he had said.

The Opposition and their supporters have now sought to cast aspersions as to how the money is being utilised, even though an allocation plan was clearly outlined by Government.

SSB lost $70M under NDP administration

Addressing the Baughers Bay community, Premier said: “I am going to tell it seeing that they are coming with that forty million dollars. The money that was invested abroad, your Social Security money made interest and Social Security, in their investment on the interest part of the money, lost $70M and they never told you a thing before we took office.”

He added now the NDP is seeking to taint the move to use money from SSB to help the people in a pandemic but the NDP administration threw away $70M that could have been useful now.

The Premier; however, did not state how the money was lost, when and who were the players involved.

“They lost $70M of your money, but because some of them involved in it are part of the status quo you never heard anything about those things, so I have to start to speak them. When I went for $40M they make it seem to the country that you going to ‘broke’ Social security.”

He said his detractors will be coming out of the woodworks with this revelation but he will be waiting on them.

“More and more as they talk, more is going to get spoken, because we are not going to let them brand us how they want to brand us. We are going to be branded how God put us here on earth to be branded.”

‘Wickedness’

Hon Fahie termed as “wickedness” the allegations of corruption surrounding the Stimulus Plan being pedaled by some persons.

“When you look at the stimulus, my God when I hear this thing about the stimulus, that it gone to friends and family pockets and somebody gone down there and tell the man (Augustus J. U Jaspert) that and he start an inquiry and he could have come and get that information himself,” Premier Fahie stated, adding, “Man, wickedness, there is nothing else to call it.”

27 Responses to “SSB lost $70M in interest under NDP Gov't– Premier Fahie reveals”

  • not so fast (26/01/2021, 12:56) Like (35) Dislike (7) Reply
    If that amount of money was lost under the previous administration what sense it makes to use Social Security to cover the stimulus
    • @not so fast (26/01/2021, 14:51) Like (7) Dislike (12) Reply
      So how else would you suggest persons are to survive? The UK was not going to give us one dime, in fact, they told us to do so...to use up all that we had and then they would lean us a few dollars.
  • Illusion teachings (26/01/2021, 13:01) Like (4) Dislike (23) Reply
    Andrew let me tell you this straight up. It's your mother and father is who bring you on this earth, and more credit should be even given to the mothers because they can oboth the child. Y'all christians have to stop this nonsense giving credit to some invisible outside bien. Stop it now
    • @ Illusion teachings (26/01/2021, 14:30) Like (21) Dislike (6) Reply
      You think you make yourself...you think your mother and father and Andrew mother and father make themselves???

      You believe and trust an invisible force to keep your plane in the sky and birds on the air but don’t believe in God???

      Everything which comes into existence is caused to exist by something else.

      You cannot prove God does not exist so tell the Devil that sent you he lost the battle.
    • @ Illusion teachings (26/01/2021, 18:01) Like (6) Dislike (2) Reply
      So you think you you’re forefathers and Andrew forefathers made themselves???????

      You believe that an invisible force keeps a plane in the sky and birds in the air but don’t believe God is the Creator?

      Living things could not have spontaneously emerged from the lifeless matter that comprises the universe. Non-life cannot produce life. Only life can produce life.

      God is a living being, not an abstract concept or an impersonal force. He has been alive forever. He is the logical source of all other life.

      The presence of life, in all its forms, evidences God’s existence.

      Colossians 1:15 "The Son is the image of the invisible God, the firstborn over all creation."

      Let the devil know his message he sent through you null and void.


  • The Deception is real (26/01/2021, 13:27) Like (10) Dislike (7) Reply
    Just saw a man from CCT get a fake vaccine shot like Dr. Fauchi
    • fake (26/01/2021, 14:03) Like (7) Dislike (3) Reply
      What you saying when the vaccine comes they will give the officials saline. How do you know Dr.Fauchi and the cct man own was fake. Facts are important
      • @fake (26/01/2021, 14:57) Like (4) Dislike (5) Reply
        Fauchi own was definitely fake, how can you lift your arm up when your taking a vaccine ? Your arms suppose to be relaxed any doctor or nurse would tell you that
    • @Deception (26/01/2021, 15:44) Like (2) Dislike (5) Reply
      Uk is sending the real vaccine for y'all. Another gift to go all with the COI.
  • asking for a friend (26/01/2021, 13:37) Like (15) Dislike (1) Reply
    Wow 70 m and no one is in jail?
    • BuzzBvi (26/01/2021, 22:20) Like (7) Dislike (1) Reply
      And in the interests of Transparency af waits unitl now to reveal this!!??
  • FEO GOMEZ (26/01/2021, 14:08) Like (2) Dislike (17) Reply
    More money NDP give away to WHITE PEOPLE. With NDP once it's a white face name or company they will assist the clears with looting our funds. NEVER EVER IN YOUR LIFE VOTE ANYTHING WITH NDP it's in the WHITE MAN NDP TRUST. Facts I dare somebody debate me.
    • @feo (27/01/2021, 08:49) Like (3) Dislike (2) Reply
      No point debating an idiot, your stupidity is past the point of saving.
  • My girl (26/01/2021, 14:09) Like (11) Dislike (2) Reply
    This is the biggest cover up
  • Commentator (26/01/2021, 14:18) Like (44) Dislike (1) Reply
    Fahie kept this quiet til now? He had definately shown that a Commission of Inquiry is badly needed.....
    • Straight to the point (26/01/2021, 17:55) Like (12) Dislike (0) Reply
      Just tell us how your government spent the forty millions,,,,,,2/ Tell us Why you refused britain border security help and how much you were paying the local boats for border security,,,, Did any of your member/s have financial interest in any of those boats,,, Keep it simple,,,,, Come clean with the people,,,,,Let the people hear it first from you,,,,, Not through the investigation,,, Explain and the people will understand and forgive you,,
  • stupidness (26/01/2021, 14:25) Like (20) Dislike (2) Reply
    Lol Its a lost investment compared to taking 40mil with no transparency. With an investment you can either win or lose.
  • Tolan (26/01/2021, 15:00) Like (32) Dislike (1) Reply
    Why are you giving the public these facts now ? at this time? we needed to hear this last year !
  • Ocassion (26/01/2021, 15:38) Like (11) Dislike (0) Reply
    He said $70M in intetest, intterest read and understand before you comment
    • whoateallthepies (27/01/2021, 07:05) Like (4) Dislike (0) Reply
      if that's interest lost, that's a hell of a lot invested (and how do you lose the interest)?
  • tola (26/01/2021, 15:55) Like (3) Dislike (1) Reply
    Lord have mercy ...as soon as the one lady gone...the other one spilling the dirt? Is that what happened?...Come on BVI...Lets unite..
  • question (26/01/2021, 16:08) Like (17) Dislike (1) Reply
    Honorable Premier, Please explain how you loose money on interest?? Let alone $70 million??
  • Citizen (26/01/2021, 16:23) Like (14) Dislike (2) Reply
    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.
  • tretretrete (26/01/2021, 16:53) Like (4) Dislike (0) Reply
    70 Million in interest... Even at 5% that had to be a whole lot of principal about 1.4 Billion to be exact. Social Security have that much money? Well then $40 million 'ain't nothing then. BVIStrong
  • Is taxpayers money (26/01/2021, 17:35) Like (9) Dislike (0) Reply
    ndp lost 70M in ssb interest?, well your government got a 40M 'ssb GRANT' meaning GIVEN' WHERE it Gone ? Quit
  • lol (26/01/2021, 19:01) Like (8) Dislike (1) Reply
    Sorry Andrew, this distraction isn’t gonna fly...Try again Bud.
  • BRIGHT SPARK (26/01/2021, 19:57) Like (2) Dislike (0) Reply
    Colossians 1:15 means the SUN is the image of the invisible God; the firstborn over all creation. Jesus is the light of the world. Christianity is a solar cult. Look at the Last Supper painting, The twelve disciples are the twelve months of the year. If you observe the portrait closely notice they are bunched in groups of three. Four groups of three are the three months of the seasons of the year. Jesus the thirteenth figure represents the SUN. Check that each leg of the table in the portrait falls under one bunch of disciples these are the four seasons of the year. Christianity is a Solar Cult. The Jesus you are worshiping is the SUN. The sun walks on water. The sun calms the storm have you ever seen a storm with the sun shining? The sun turns water into wine. The sun heals the sick. The sun gives sight to the blind. Revelation 22 I am the bright and morning star have you ever seen the sun shining at night. FREE YOUR MIND....WAKE UP AND LIVE.


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