Beautiful Virgin Islands

Thursday, Oct 23, 2025

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

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

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.


Premier Andrew A. Fahie  has termed as 'wickedness' the allegations of corruption surrounding the Stimulus Plan being pedaled by some persons.

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.


On May 28, 2020, Premier and Minister of Finance, Hon Andrew A. Fahie  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.

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.”

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
US Administration Under President Donald Trump Reportedly Lifts Ban on Ukraine’s Use of Storm Shadow Missiles Against Russia
‘Frightening’ First Night in Prison for Sarkozy: Inmates Riot and Shout ‘Little Nicolas’
White House Announces No Imminent Summit Between Trump and Putin
US and Qatar Warn EU of Trade and Energy Risks from Tough Climate Regulation
Apple Challenges EU Digital Markets Act Crackdown in Landmark Court Battle
Nicolas Sarkozy begins five-year prison term at La Santé in Paris
Japan stocks surge to record as Sanae Takaichi becomes Prime Minister
This Is How the 'Heist of the Century' Was Carried Out at the Louvre in Seven Minutes: France Humiliated as Crown with 2,000 Diamonds Vanishes
China Warns UK of ‘Consequences’ After Delay to London Embassy Approval
France’s Wealthy Shift Billions to Luxembourg and Switzerland Amid Tax and Political Turmoil
"Sniper Position": Observation Post Targeting 'Air Force One' Found Before Trump’s Arrival in Florida
Shouting Match at the White House: 'Trump Cursed, Threw Maps, and Told Zelensky – "Putin Will Destroy You"'
Windows’ Own ‘Siri’ Has Arrived: You Can Now Talk to Your Computer
Thailand and Singapore Investigate Cambodian-Based Prince Group as U.S. and U.K. Sanctions Unfold
‘No Kings’ Protests Inflate Numbers — But History Shows Nations Collapse Without Strong Executive Power
Chinese Tech Giants Halt Stablecoin Launches After Beijing’s Regulatory Intervention
Manhattan Jury Holds BNP Paribas Liable for Enabling Sudanese Government Abuses
Trump Orders Immediate Release of Former Congressman George Santos After Commuting Prison Sentence
S&P Downgrades France’s Credit Rating, Citing Soaring Debt and Political Instability
Ofcom Rules BBC’s Gaza Documentary ‘Materially Misleading’ Over Narrator’s Hamas Ties
Diane Keaton’s Cause of Death Revealed as Pneumonia, Family Confirms
Former Lostprophets Frontman Ian Watkins Stabbed to Death in British Prison
"The Tsunami Is Coming, and It’s Massive": The World’s Richest Man Unveils a New AI Vision
Outsider, Heroine, Trailblazer: Diane Keaton Was Always a Little Strange — and Forever One of a Kind
Dramatic Development in the Death of 'Mango' Founder: Billionaire's Son Suspected of Murder
Two Years of Darkness: The Harrowing Testimonies of Israeli Hostages Emerging From Gaza Captivity
EU Moves to Use Frozen Russian Assets to Buy U.S. Weapons for Ukraine
Europe Emerges as the Biggest Casualty in U.S.-China Rare Earth Rivalry
HSBC Confronts Strategic Crossroads as NAB Seeks Only Retail Arm in Australia Exit
U.S. Chamber Sues Trump Over $100,000 H-1B Visa Fee
Shenzhen Expo Spotlights China’s Quantum Step in Semiconductor Self-Reliance
China Accelerates to the Forefront in Global Nuclear Fusion Race
Yachts, Private Jets, and a Picasso Painting: Exposed as 'One of the Largest Frauds in History'
Australia’s Wedgetail Spies Aid NATO Response as Russian MiGs Breach Estonian Airspace
McGowan Urges Chalmers to Cut Spending Over Tax Hike to Close $20 Billion Budget Gap
Victoria Orders Review of Transgender Prison Placement Amid Safety Concerns for Female Inmates
U.S. Treasury Mobilises New $20 Billion Debt Facility to Stabilise Argentina
French Business Leaders Decry Budget as Macron’s Pro-Enterprise Promise Undermined
Trump Claims Modi Pledged India Would End Russian Oil Imports Amid U.S. Tariff Pressure
Surging AI Startup Valuations Fuel Bubble Concerns Among Top Investors
Australian Punter Archie Wilson Tears Up During Nebraska Press Conference, Sparking Conversation on Male Vulnerability
Australia Confirms U.S. Access to Upgraded Submarine Shipyard Under AUKUS Deal
“Firepower” Promised for Ukraine as NATO Ministers Meet — But U.S. Tomahawks Remain Undecided
Brands Confront New Dilemma as Extremists Adopt Fashion Labels
The Sydney Sweeney and Jeans Storm: “The Outcome Surpassed Our Wildest Dreams”
Erika Kirk Delivers Moving Tribute at White House as Trump Awards Charlie Presidential Medal of Freedom
British Food Influencer ‘Big John’ Detained in Australia After Visa Dispute
ScamBodia: The Chinese Fraud Empire Shielded by Cambodia’s Ruling Elite
French PM Suspends Macron’s Pension Reform Until After 2027 in Bid to Stabilize Government
Orange, Bouygues and Free Make €17 Billion Bid for Drahi’s Altice France Telecom Assets
×