DID RIF TRUST ENGAGE IN A BULK SALE OF ASSETS TO EVADE PAYING THE VICTIMS OF ITS ILLEGALLY-DISCOUNTED PASSPORT SALES?

There are credible reports that RIF TRUST INVESTMENTS LLC., the UAE entity said to be owned by MIMOUN ASSRAOUI, has engaged in a Sale of Bulk Assets to an unnamed Portuguese entity. If this is confirmed, then such a sale will leave the limited liability company with no ability to compensate those of its clients whom it sold SAINT KITTS and SAINT LUCIA economic citizenships at illegally-discounted prices, and it is generally considered under the law to be a fraudulent transfer, which a court can set aside as a fraud on victims. Additionally, selling passports at a discount constitutes a felony under Kittitian criminal law.

The Government of Saint Kitts has already ordered any purchasers of its passports for fees less than the legal minimums to pay the difference directly to it, making RIF Trust, and its officers, strictly liable to reimburse the victims, and potentially for money damages as well. RIF has been banned from further sales of St. Kitts citizenships as the direct result of its misconduct.

Will criminal charges be filed in Dubai, against the company's officers and directors? we cannot say at this point, but we will be watching unfolding developments, and will report back to our readers shortly.