Saint Lucia’s chief investment agency Invest Saint Lucia [ISL] and authorities at the Citizenship by Investment Unit [CIU] have refuted assertions on the status of negotiations for the Desert Star Holdings [DSH] project.
The DSH deal said to be worth a reported US $2.6 billion dollars relies on revenue from the sale of Saint Lucian citizenships for implementation. DSH led by Teo Ah King have reportedly applied to Saint Lucia CIU and is pending approval.
On May 23rd the Opposition Saint Lucia Labor Party [SLP] claimed to have knowledge of the CIU and ISL rejecting DSH deal. On May 25th former government Minister Richard Frederick also leveled similar accusations.
ISL and CIU responded to the public speculation on the controversial DSH Agreement with the government. In a May 29th joint statement,
“It has become increasingly concerning that there are ongoing attempts to negatively impact the work of Invest Saint Lucia, the Citizenship by Investment Unit responsible for the CIP (Citizenship by Investment Programme) and the reputation of potential investors without reference to factual information.”
CIU and ISL is ‘clarifying misinformation’ in the public domain and has published the ‘facts’ on the status of negotiations with DSH.
- Invest Saint Lucia and the Citizenship by Investment Unit have not rejected the DSH project
- Invest Saint Lucia and the Citizenship by Investment Unit have never recommended to Cabinet that the DSH project not be approved
- Invest Saint Lucia has been in negotiations with Mr. Teo Ah Khing and DSH for the Pearl of the Caribbean Project since 2015, and continues to facilitate the investor’s establishment to make this project a success.
Review the full CIU, ISL statement in the link below.