Friday, August 21, 2020



The Government of Grenada, under fire after a CBI developer who was allowed to accumulate  investment capital outside the country, and allegedly stole EC$ 52.4m, without building out the project, has changed its regulations requiring that such funds be held in local commercial banks within Grenada. Additionally, the CBI unit will determine how many passport applications are needed to constrict a project, and will thereafter limit the number that a developer may sell, and when he must complete construction, before seeking additional applications for a new phase.

While not specifically named by the officials, the failed project referred to is the Grenada Sustainable Aquaculture (GSA) Project, which was owned and operated by the Iraqi national, SOREN DAWODY. Dawody is presently believed to have fled with the estimated USD$20m, and is known to be living a luxurious lifestyle in Dubai, United Arab Emirates (UAE) with the money, and his extended family. Investors in the GSA project have blamed the government of Prime Minister Keith Mitchell, who allowed the developer, who had no prior experience in aquaculture, to direct that their funds sent to the UAE and Singapore.

If Dawody will ever be subject to criminal charges in Grenada remains an open question. Grenada has avoided the issue for the past two years, leaving investors wondering aloud whether bribes or kickbacks were paid to allow Dawody to divert all the investment money abroad, and whether he obtained approval for his project without any relevant experience or education through corruption.

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.