CEO of the Social Security Board, Dr. Colin Young left SSB on December 20th and has pivoted to the Caribbean Community Climate Change Center. But, there are grumblings after his departure, because he left with the CEO's ride, a 2012 Toyota Prado.
The Chairman Doug Singh told us that Young had a clause in his contract that gave him the option to purchase the vehicle when he left the post. Singh says that independent valuations were gotten and the Board agreed to sell him the Prado for $20,000. Singh adds that the luxury SUV had already been fully depreciated, and had a zero value in SSB's books.
But, even though it was a board decision, it has stirred discontent within the organization, and there are audible grumblings. Why? Well, SSB's disposal policy says that items with an initial cost of $10,000 or more must be disposed of by public tender - not a private sale.
Singh says the board is aware of the policy, but re-iterated that Young had an option to purchase in his contract and the board was bound to keep to its contractual obligation.
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