Christophe Harbour’s Multi-Million Dollar Unsecured Loans Following Marina Sale Remain Undisclosed.

The St. Kitts-Nevis-Anguilla National Bank (SKNANB) finds itself embroiled in a growing controversy surrounding its handling of substantial loans granted to the developers of Christophe Harbour. The controversy centers on two unsecured loans totaling US$22 million, granted in 2014 and 2015 for the construction of a marina. Despite the significant sum involved and the unsecured nature of the loans – meaning no collateral was provided to mitigate the risk of default – the bank has maintained a steadfast silence regarding the status of these loans, even after the developers reportedly sold the marina for a substantial profit. This silence has fueled public outrage and accusations of a financial betrayal, with critics questioning whether the loans were repaid, written off, or otherwise resolved, and demanding transparency from the publicly owned bank.

The core of the controversy lies in the perceived mismanagement of public funds. Documents and internal memos suggest that a US$16 million loan disbursed in 2014 for the construction of marina slips remained largely outstanding by 2018. A subsequent US$6 million loan in 2015, intended for the marina service building, appears to have been utilized primarily for interest payments, with little to no evidence of principal repayment. This financial maneuvering, coupled with the lack of any secured assets backing the loans, raises serious concerns about the due diligence exercised by the bank and the potential for substantial losses to taxpayers. The subsequent sale of the marina for a reported EC$80 million further amplified public anger, as the SKNANB remained silent on whether the proceeds were used to settle the outstanding debt.

The lack of transparency from the SKNANB has fueled speculation and accusations of impropriety. Critics argue that the bank’s silence, combined with the government’s celebratory stance on the marina’s sale without addressing the loan situation, suggests a deliberate effort to conceal potentially damaging information from the public. The timing of the loan grants, the absence of standard security measures for such large sums, and the subsequent sale of the marina without any public accounting of the loan repayments have led to questions about whether political influence or even corruption played a role in the transactions. The public’s demand for answers underscores the erosion of trust in the institution entrusted with safeguarding the nation’s financial interests.

Adding to the controversy is the perceived preferential treatment afforded to the foreign developers of Christophe Harbour. They acquired a vast expanse of prime land at discounted rates, secured substantial financing from the SKNANB and the taxpayer-funded Sugar Industry Diversification Foundation (SIDF), and generated significant profits over the years. The subsequent sale of the marina for a considerable sum, coupled with the lack of clarity on the loan repayments, has created a narrative of foreign developers enriching themselves at the expense of the local population. This narrative is further fueled by the bank’s apparent reluctance to pursue legal action against the developers, raising questions about whether they are being shielded from accountability due to political connections or other influences.

The central question remains: what happened to the US$22 million in unsecured loans? Did the developers repay the loans before or after the sale of the marina? If so, why hasn’t the SKNANB publicly confirmed this? If not, what actions has the bank taken to recover the funds? Has the debt been written off, and if so, why and under what circumstances? The lack of answers from the bank, coupled with the cessation of legal proceedings in 2022 without explanation, has created a vacuum of information that breeds suspicion and distrust. The public’s demand for transparency is not merely a matter of curiosity but a fundamental right of citizens to understand how their resources are being managed, especially when those resources appear to have been placed at significant risk.

The Christophe Harbour marina loan controversy has evolved into a symbol of the broader concerns surrounding governance and accountability in St. Kitts and Nevis. The SKNANB’s continued silence is viewed not just as a failure of transparency but as a betrayal of public trust. The perceived double standard, where ordinary citizens face severe consequences for loan defaults while wealthy foreign developers seemingly operate with impunity, exacerbates public anger and fuels calls for a thorough investigation. The ongoing media scrutiny and public pressure underscore the growing demand for accountability and the expectation that those responsible for safeguarding public funds will be held to the highest ethical standards. The demand for answers is a call for justice and a reaffirmation of the principle that public institutions must serve the interests of the people, not the privileged few.