Former Finance Minister Harold Lovell is calling on the government to explain why the National Asset Management Company (NAMCO) is not being used to finance the Jolly Beach Resort venture, instead of placing the burden on the Social Security Fund.
Speaking at a United Progressive Party (UPP) town hall meeting on Monday night, Lovell described the proposal to invest Social Security funds in the resort as “deeply irresponsible,” particularly given NAMCO’s original mandate to handle higher-risk state investments.
“NAMCO was set up precisely for this type of venture,” Lovell said. “It was incorporated to acquire interests in real estate and other commercial properties. So why is the government reaching for pensioners’ money instead?”
Lovell suggested that the decision to bypass NAMCO raises troubling questions about the current state of the investment company’s finances. “Since its creation in 2016, NAMCO has not published a single financial report. No audited accounts, no updates. It leads to one conclusion: the money may be gone, and they can’t account for it,” he said.
NAMCO was established by the Antigua and Barbuda Labour Party administration to serve as a vehicle for state-backed commercial investments. According to Lovell, the Jolly Beach proposal fits squarely within that remit and should not be financed by Social Security, which he compared to a college fund that must be safeguarded for future generations.
“You don’t risk your children’s college fund on a business venture. That’s what Social Security is—it’s meant to be protected, not gambled,” he warned.
Lovell also noted that the Social Security Board has not been provided with essential financial documents related to the Jolly Beach deal, including a valuation of the property and audited accounts from its operator. “They’re being asked to make a decision in the dark,” he said.
He urged the Board to uphold its fiduciary duty to contributors and beneficiaries and resist any pressure to approve investments without proper due diligence. “The government cannot simply look left, look right, and decide to raid Social Security because it’s convenient. The Board must stand firm,” Lovell said.