Beautiful Virgin Islands

Tuesday, Jul 15, 2025

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

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

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.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Defends Attorney General Pam Bondi Amid Epstein Memo Backlash
Renault Shares Drop as CEO Luca de Meo Announces Departure Amid Reports of Move to Kering
Senior Aides for King Charles and Prince Harry Hold Secret Peace Summit
Anti‑Semitism ‘Normalised’ in Middle‑Class Britain, Says Commission Co‑Chair
King Charles Meets David Beckham at Chelsea Flower Show
If the Department is Really About Justice: Ghislaine Maxwell Should Be Freed Now
NYC Candidate Zohran Mamdani’s ‘Antifada’ Remarks Spark National Debate on Political Language and Economic Policy
President Trump Visits Flood-Ravaged Texas, Praises Community Strength and First Responders
From Mystery to Meltdown, Crisis Within the Trump Administration: Epstein Files Ignite A Deepening Rift at the Highest Levels of Government Reveals Chaos, Leaks, and Growing MAGA Backlash
Trump Slams Putin Over War Death Toll, Teases Major Russia Announcement
Reparations argument crushed
Rainmaker CEO Says Cloud Seeding Paused Before Deadly Texas Floods
A 92-year-old woman, who felt she doesn't belong in a nursing home, escaped the death-camp by climbing a gate nearly 8 ft tall
French Journalist Acquitted in Controversial Case Involving Brigitte Macron
Elon Musk’s xAI Targets $200 Billion Valuation in New Fundraising Round
Kraft Heinz Considers Splitting Off Grocery Division Amid Strategic Review
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
EU Proposes New Tax on Large Companies to Boost Budget
Trump Imposes 35% Tariffs on Canadian Imports Amid Trade Tensions
Junior Doctors in the UK Prepare for Five-Day Strike Over Pay Disputes
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
Bitcoin Reaches New Milestone of $116,000
Biden’s Doctor Pleads the Fifth to Avoid Self-Incrimination on President’s Medical Fitness
Grok Chatbot Faces International Backlash for Antisemitic Content
Severe Heatwave Claims 2,300 Lives Across Europe
NVIDIA Achieves Historic Milestone as First Company Valued at $4 Trillion
Declining Beer Consumption Signals Cultural Shift in Germany
Linda Yaccarino Steps Down as CEO of X After Two Years
US Imposes New Tariffs on Brazilian Exports Amid Political Tensions
Azerbaijan and Armenia are on the brink of a historic peace deal.
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
BRICS Expands Membership with Indonesia and Ten New Partner Countries
×