Kenneth Rijock

Kenneth Rijock

Thursday, December 12, 2019

WILL GRENADA REIMBURSE DEFRAUDED FOREIGN INVESTORS OF SUSTAINABLE AQUACULTURE/CBI SCAM ?



Investors in the Grenada Sustainable Aquaculture/Citizenship by Investment program, whose funding for the GSA project was allegedly stolen by project managers, have demanded that the Government of Grenada reimburse each of them for the amount they paid into GSA, which was a government-approved project for individuals participating in the CBI passport program. There are estimates that eighteen million US Dollars was paid in, after which the project was abandoned by its operators, even before construction began.

The arguments made by investors, for Government relief, are supported by the fact that investment in an approved program was mandatory, for individuals seeking to acquire that prized Grenada passport. Investors assert that they relied upon the fact that GSA was a listed & approved project. They are claiming that they would not have invested otherwise, and that Government received lucrative fees in connection with the GSA program, which it should now disburse to the victims.

Additionally, there are well-placed concerns that, if Grenada declines to provide the requested relief to the investors, all of who are now bona fide Grenadian nationals, that litigation against the senior officials who were supposed to oversee and monitor the GSA program, both as individuals and as representatives of Government, will ensure, and the resulting scandal might destroy Grenada CBI, as consultancies that bring new clients into the program, will direct their customers to choose another jurisdiction, pending the outcome of litigation. Claims of Malfeasance in Office, and the acceptance of illegal kickbacks, as part of a scheme involving corruption, have been thrown about, which represent a direct threat to those officials allegedly involved.

For that reason alone, the reimbursement of investors' principal, since demand has been made, could be a solution that could save Grenada, especially its lucrative CBI program, from clear and present danger. Otherwise, expect litigation forthwith.

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