Silence from Drew Administration on $130 Million National Bank Debt Following Christophe Harbour Sale

The sale of the Christophe Harbour Marina in St. Kitts has ignited controversy and raised serious questions about financial transparency and accountability within the Drew Administration. While touted as a “strategic transition” and a triumph of investment, the deal has conspicuously omitted any mention of the substantial $130 million debt owed to the St. Kitts-Nevis-Anguilla National Bank by the Christophe Harbour development, co-owned by the Darby family. This omission has fueled public suspicion and demands for clarification on how the sale proceeds will be used and whether the national bank will finally recover the substantial sum owed. Critics argue that the celebratory tone surrounding the sale is inappropriate given the unresolved debt and the lack of transparency surrounding the financial arrangements.

The history of Christophe Harbour is intertwined with controversy, involving a complex partnership between the National Bank and the now-defunct Sugar Industry Diversification Foundation (SIDF). The SIDF, created under the previous Denzil Douglas-led administration, gifted US$40 million to the project, while the National Bank provided a significant loan. This loan subsequently became a massive non-performing asset, the largest in the bank’s portfolio, and remains unpaid. Despite various attempts to generate revenue through property sales and yacht slip rentals, Christophe Harbour has failed to make any repayments to the National Bank, effectively saddling the taxpayers of St. Kitts and Nevis with the burden of this substantial debt.

Public outrage stems from the perception that public funds and Citizenship by Investment (CBI) revenues were used to create a luxury enclave for the benefit of foreign investors and the Darby family, with little to no tangible return for the average citizen. The lavish praise bestowed upon the developers by the Drew Administration, despite their failure to address the outstanding debt, has further fueled this resentment. Prime Minister Drew’s characterization of the sale as a “new chapter” and Safe Harbor CEO Baxter Underwood’s pronouncements about future expansion plans have been met with cynicism, as they sidestep the critical issue of the $130 million debt.

The lack of transparency surrounding the marina sale has amplified calls for accountability. Key questions remain unanswered: Where are the proceeds from the sale going? Will the National Bank finally receive repayment, or will taxpayers once again be forced to absorb the losses? Why has the Drew administration failed to disclose how this deal impacts the nation’s financial exposure to Christophe Harbour’s long-standing debt? These unanswered questions have led to accusations of “elite enrichment and government complicity” and demands for fiscal justice. The public is demanding a clear accounting of the financial transactions involved and assurances that the national interest is being protected.

The core issue at stake transcends the specifics of the marina sale and touches upon broader concerns about governance, transparency, and the responsible use of public funds. The Christophe Harbour project, from its inception, has been plagued by allegations of mismanagement and lack of accountability. The current situation, where a significant debt remains unpaid while the developers celebrate a lucrative sale, reinforces these concerns and raises questions about the government’s commitment to protecting taxpayer interests. The public’s demand for answers reflects a growing unease about the perceived prioritization of private interests over the public good.

The silence from the Drew Administration regarding the debt repayment and the allocation of the sale proceeds only serves to deepen public distrust. This lack of transparency fuels speculation and reinforces the perception that the government is complicit in protecting the developers at the expense of the taxpayers. The hashtags accompanying the news reports, such as #WhereIsTheMoney, #ChristopheDebtScandal, #NationalBankBetrayal, and #DrewMustAnswer, encapsulate the public sentiment and highlight the urgent need for clear and forthright communication from the government. The future of Christophe Harbour remains uncertain, but one thing is clear: the public demands answers and accountability, and the pressure on the Drew Administration to provide them will continue to mount.