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SSB spent over $16.5M to purchase land from 2016 to 2018

- Taxpayers money used to buy land @ various parts of Tortola; 10 acres in VG
Social Security Board (SSB) purchased over 137.6 acres of land over a 3-year span, beginning in 2016 under then Director Antoinette Skelton. A total of $16,605,958.00 was spent on 16 separate land purchases, according to information disclosed in the House of Assembly on November 15, 2022. Photo: VINO/File
The list of land purchases by SSB included the names of former property owners, the dates on which the properties were purchased, valuation amounts, and purchase prices. Photo: HoA
The list of land purchases by SSB included the names of former property owners, the dates on which the properties were purchased, valuation amounts, and purchase prices. Photo: HoA
DUFF’S BOTTOM, Tortola, VI- They say who owns the land owns the country! Social Security Board (SSB) then seems well on its way to owning the territory, having purchased over 137.6 acres of land over a 3-year span, beginning in 2016 under then Director Antoinette Skelton.

This has cost SSB, which uses contributors’ money to make such purchases, a total of $16,605,958.00 for 16 separate land purchases, including in Joes Hill, Mc Namara Estate, Long Trench, Georges North Side, Spooner’s Estate, Apple Bay, Towers, Josiah’s Bay and South Sound in Virgin Gorda.

This was revealed during the Eighth Sitting of the Fourth Session of the Fourth House of Assembly (HoA) at Save the Seed Energy Centre in Duff’s Bottom on November 15, 2022.

Opposition Member Hon Carvin Malone (AL) had asked the Minister for Health and Social Development, Hon Marlon A. Penn (R8) to “provide a complete listing of properties purchased by the BVI Social Security Board during the period 2011 through 2022 for the purpose of development/investment of affordable homes, inclusive of owners, dates purchased, valuation amounts and purchase prices?

Hon Penn provided a full listing of the properties purchased by SSB over the period 2011 through 2022 for the purpose of housing development and circulated the list to Members. The list included the names of former property owners, the dates on which the properties were purchased, valuation amounts, and purchase prices.

16 separate land purchases made from 2016 to 2018

According to the list provided, SSB started off with two purchases in June 2016 but by November 2018, a year after the devastating hurricanes, it had made a total of 16 purchases.

Some of the purchases were also bought for way more than the appraised amount. The total appraised amount; however, was $16,593,755 while the total spent was $16,605,958.

The largest purchase, 34.06 acres in Georges North side from seller BVI Red Cross, cost SSB $3,010,000. The purchase was made on November 29, 2018.

The second largest purchase was 21 acres in Apple Bay. This cost SSB $2,750,000. The seller was Luxury Finishes & Interiors, Ltd and the date purchased was November 23, 2016.

40 Responses to “SSB spent over $16.5M to purchase land from 2016 to 2018”

  • She needs locking up (25/11/2022, 12:20) Like (52) Dislike (1) Reply
    This scam needs a coi
    • @She needs locking up (25/11/2022, 14:27) Like (9) Dislike (1) Reply
      Not on the short hair boss woman that retired not too long ago. LMAO. Pumpkin...ting to talk!
    • Under COI radar. (26/11/2022, 09:16) Like (6) Dislike (0) Reply
      Why did this evade the COI, Why this serious mal-practice wasn't on the COI list.? Did the Governor trying to cover for his informat the X SS Boss.? Too many questions. This was definitely warranted to be on the recent COI list...
  • asking for a friend (25/11/2022, 12:24) Like (23) Dislike (0) Reply
    This looks fishey are they doing a land bank?
  • Your future pension (25/11/2022, 12:37) Like (31) Dislike (2) Reply
    Buying who’s land above market rates
  • Sickening (25/11/2022, 12:45) Like (17) Dislike (0) Reply
    SSB needs to pay the businesses their NHI.
  • Too bad mind (25/11/2022, 13:23) Like (64) Dislike (0) Reply
    Why not purchase Norman Island, Moskito etc? But instead, they are competing with the poor locals, using their own money to purchase all the affordable land
  • Can't enjoy your own $$ (25/11/2022, 13:29) Like (45) Dislike (1) Reply
    This money is the people own.who give y'all the rights to spend it while the people driving on very bad roads.
  • WOW (25/11/2022, 13:37) Like (38) Dislike (4) Reply
    Lock her up now, is who give her the rights to spend the people money like its hers. Arrest her NOW.
  • ASKING (25/11/2022, 13:58) Like (21) Dislike (0) Reply
    so who were the beneficial owners of these purchases..ie..who were the individuals who owned the companies which owned the lands...
  • NezRez (25/11/2022, 14:08) Like (27) Dislike (0) Reply
    What list of sellers. We can’t even see that blurred list. They think they are slick. Produce a clear readable list so we the people will know who is selling out their inheritance.
    • click (25/11/2022, 16:15) Like (11) Dislike (0) Reply
      Click on the list then it will open in another window that will make it clear to read.
  • support (25/11/2022, 14:12) Like (12) Dislike (0) Reply
    BUYING LAND ? and trying to squeeze the ordinary man when they retire
  • #@@ (25/11/2022, 14:23) Like (12) Dislike (0) Reply
    Nothing wrong with trying to get more interest on our money. However, SSB should be mindful that this is the peoples money and we should have a say in this kind of risk taking investment. They are getting 2 much involved in the property business and, if we are not careful in the long term we will see that is was not profitable. What SSB did here is out of order with our money. If we are not careful, this can have a negative impact in the future if this continues.

    This matter definitely needs investigating.
    ENOUGH of this nonsense.
  • youth man (25/11/2022, 14:31) Like (8) Dislike (0) Reply
    Let us hope this land purchase was not a scheme by their pumpkin woman and the former bank manager to save the elite from going bankrupt by paying way above market price for the lands for commission.
  • jah (25/11/2022, 14:56) Like (17) Dislike (0) Reply
    They need to do a coi into jamesy,and how he was awarded that contract and how the money was spent..all of a sudden when he entered into office he wanted to build low income homes,that wasn't necessary,all I want to know when they money going to start pay back to social security because I need my contribution to be accurate..
  • one eye (25/11/2022, 16:12) Like (10) Dislike (1) Reply
    See how bad minded she was she did not want to give fahie the grant but found millions to help her friends
  • @,,............. (25/11/2022, 16:51) Like (17) Dislike (0) Reply
    Who really owns the lands when the SSB invest money from all nationality around the world and who are legally employ in the territory. Some of these persons are getting so many problems when they retire to get a few pence to help them?
    • Donna (25/11/2022, 21:14) Like (12) Dislike (0) Reply
      WITH THE COST OF EVERYTHING I THINK THEY SHOULD GIVE SOMETHING MORE ON RETIRE BENEFIT,
    • WOW (30/11/2022, 12:05) Like (0) Dislike (0) Reply
      The law is very clear about contributions, pensions, and grants. SSB pays via wire, ACH, and check all over the world.
  • Who dug this secret up? (25/11/2022, 17:18) Like (29) Dislike (0) Reply
    Lots of secret shixt going with our monies without our knowledge. . Land is always good investment, but why not inform the people,, why the secret.. it's our monies...When is pensioners going get an increase. ?
  • Long bag thiefs (25/11/2022, 19:00) Like (8) Dislike (0) Reply
    Who give her the green light to buy land. she think it was her money. By morning she need arresting.
  • Pensions (25/11/2022, 20:13) Like (9) Dislike (0) Reply
    How are these land purchases guarantee a return on so called investment for future pensions
  • John (25/11/2022, 20:15) Like (0) Dislike (0) Reply
    Good investment pay in for fifty years to get $350 at 65
  • Arrion (26/11/2022, 00:12) Like (16) Dislike (0) Reply
    Are our retirees getting their full monthly payments? That is a lot of money going out buying up land.
  • GOV (26/11/2022, 07:49) Like (0) Dislike (0) Reply
    Can’t we blame the uk or the governor for this?
  • Is there a plan? (26/11/2022, 08:55) Like (0) Dislike (0) Reply
    So SSB buys land. Land alone does not rent, and is not liquid. It’s value appreciation over time is not cash and is not likely to keep up with inflation. There are costs of ownership (eg land tax). IMHO, that means that SSB would have to invest in land improvements. Does it have the cash to do it? Borrowed money costs would require a return exceeding current loan interest rates. What kind of land improvement? Housing seems logical, but the design would have to consider infrastructure limitations (e.g water, power, sewerage, road access). Once built, there’d be building management and maintenance costs, more taxes and insurance. Given the way things run around here, the rents are likely to be high in proportion to most people’s wages to pay for costs alone, so what might the occupancy rates be? What would they have to be to generate net positive cash flow that keeps up with inflation? Was there ever any kind of feasibility analysis done before locking up $16.5 m buying land?
    • HAHA (30/11/2022, 12:09) Like (0) Dislike (0) Reply
      It feels like land is keeping up with inflation to me because.... the price that people want for a half or a third of an acre now...
  • Xxx (26/11/2022, 11:06) Like (0) Dislike (0) Reply
    She was quick to take the little man to court when he owes ss and nhi but look at the financial abuses with these land purchases

    The entire board owes the people an explanation
  • unacceptable (26/11/2022, 11:42) Like (0) Dislike (0) Reply
    Firstly, did SSB officials consult with the contributors to the system to determine whether they wanted to get into real estate? Secondly, is there a foreseeable return on these investments and who is being held accountable and thirdly, when will the COI on SSB take place? Lastly, these types of actions must be discontinued immediately. The SSB Director treated those funds like they were her own and was accountable to no one, not even the BOD.
  • look at this (26/11/2022, 11:57) Like (8) Dislike (0) Reply
    So they are using our money to purchase all of this so we can buy them back from Governmnet????
  • Oh I cant (26/11/2022, 12:49) Like (1) Dislike (1) Reply
    I cannot with these foolish comments!!!! Geeeez go get educated before blogging foolishness! The job of the SSB is to INVEST the money they receive from contributions so that they can pay beneficiaries. Land in the BVI has long been a good and stable INVESTMENT! Nothing to see here ppl!
  • ohno (26/11/2022, 21:57) Like (0) Dislike (1) Reply
    Pathetic lot of uninformed air heads.
    Sadly they vote and sit on juries.
  • Socials security (27/11/2022, 09:40) Like (8) Dislike (0) Reply
    THE THING IS THAT SOCIAL SECURITY CAN DO BETTER..WITH THAT KIND OF MONEY THEY COULD BUILD OVER A ENTIRE SCHOOL LIKE ALTHEA SCATLIFFE THEY JUST DONT DO ENOUGH FOR THE COMMUNITY. IT IS A BIG SCAM. THE PERSON WHO GIVING GIVING AND GIVING TO SOCIAL SECURITY DONT EVER SEE A RETURN NOT EVEN WHEN YOU DIE THEY GIVE U A MEASELY 2K GRANT THEY SHOULD BE PAYING FOR THE WHOLE DAMN FUNERAL. PATERNITY LEAVE $300 GRANT IF QUALIFY COME ON DAMN IT... YOU HAVE TO GET SICK OR DIE IN ORDER TO GET ANY DAMN THING IN RETURN OR PRAY UNTIL YOU MAKE 65.... BY 55 PEOPLE SHOULD RECEIVE PENSION IF THEY WANT ALL THESE DAMN LAWS AND POLICIES NEED REVISING...SOCIAL SECURITY MAKES ME SICK...THEY GIVE GOVT 40 MILLION AMD NOT A DAMN THING TO SHOW FOR IT.. WAKE UP PEOPLE PETER HAYCRAFT BUILD ENIS ADAMS FOR 2 MILLION JUST IMAGINE THAT..WHICH IS NOW THE BIGGEST SCHOOL ON ISLAND. THANK GOD FOR HIM.. OUR GOVN'T JUST A DAMN WASTE.. 40MILLION COULD OF BUILD AT LEAST 10 SCHOOLS.
    • Well Well (30/11/2022, 12:17) Like (0) Dislike (0) Reply
      One thing you said here made sense. They gave the Govt $40 of the best with nothing to show for it. Who ask for it? Who indicted? Who was shifting around board members of different Govt agencies?

      You know what I want my social security money to go towards? Paying me my social security money! They need to take this money and make more money so they could pay me my money when is my turn to get.

      The Government is who supposed to be developing the BVI with all the 21% duty and different taxes they have. They cant find money to build schools but they can find money for palm trees and find it in themselves to change the law so that after one term they can get gov pension. ISSA JOKE


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