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Home Politics

SLP Slammed for Shocking CIP Deal with Criminal Developer

CIP Deal Controversy: SLP Faces Backlash Over Alleged Corruption and Mismanagement

Unitedpac by Unitedpac
November 29, 2024
in Local News, Politics
Reading Time: 5 mins read
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Saint Lucia Labour Party team under Philip J. Pierre faces criticism over the CIP deal, raising questions about accountability and priorities.

Saint Lucia Labour Party team under Philip J. Pierre faces criticism over the CIP deal, raising questions about accountability and priorities.

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Table of Contents

  • 1. An Absurd Profit Margin
  • 2. An Overblown Risk Premium
  • 3. Red Flags Ignored
  • 4. Negligence, Incompetence, or Corruption?
  • 5. The Need for Accountability
  • 6. A Betrayal of Trust

SLP’s Controversial CIP Deal Sparks Criticism Over Oversight, Accountability, and Excessive Profits for a Questionable Developer

The Philip J. Pierre-led Saint Lucia Labour Party (SLP) government is facing intense criticism over its reckless handling of a controversial CIP deal tied to the construction of low-cost apartments. The agreement, which grants the foreign criminal developer BEMAX significant profits despite the developer’s ties to criminal activities, has raised serious concerns about the administration’s competence, negligence, and potential corruption. At the heart of the issue is the Citizenship by Investment Program (CIP), which critics argue is being exploited for private gain at the expense of Saint Lucians.

Abandoned debris at the Rock Hall Housing Project site, linked to the controversial CIP deal involving the BEMAX developer.
Abandoned debris at the Rock Hall Housing Project site, linked to the controversial CIP deal involving the BEMAX developer.

01
of 06
An Absurd Profit Margin

The CIP deal allows BEMAX to construct 66 low-cost apartments and 14 commercial units for a cost of US$25,250,000 while granting it the right to recoup its investment by receiving 628 qualifying investments through the Enterprise option of the CIP. With an average of US$125,000 per application, the developer is poised to rake in US$90,000,000, making an astonishing profit of over US$61,500,000—a return of nearly 240%. Critics have slammed the SLP government for approving such a lopsided agreement, calling it a blatant display of mismanagement and irresponsibility.

02
of 06
An Overblown Risk Premium

The justification provided for this ludicrous profit margin is a so-called “risk premium,” a term Deputy Prime Minister Ernest Hilaire used to defend the agreement. A risk premium represents the additional return demanded by an investor for taking on heightened risks. While most risk premiums fall between 10% and 30%, the 240% return guaranteed to BEMAX is unheard of, prompting serious questions about the judgment—or motivations—of the officials who signed off on this deal.

Richard Frederick, Saint Lucia’s Minister of Housing, addressing the House of Assembly and implicated in the corrupt CIP deal.
Richard Frederick, Saint Lucia’s Minister of Housing, addressing the House of Assembly and implicated in the corrupt CIP deal.

Analysts argue that a government agreeing to such an inflated risk premium demonstrates gross incompetence or serious negligence. Alternatively, the deal raises suspicions of corruption, as such terms could point to kickbacks or hidden benefits for decision-makers. In either case, Saint Lucians are left footing the bill for a CIP deal that serves foreign interests far more than the people it was meant to help.

03
of 06
Red Flags Ignored

What makes this arrangement even more egregious is the SLP government’s failure to address the glaring red flags surrounding BEMAX. The company’s owner, Mijajlovic, was arrested earlier this year on charges of smuggling contraband and forming a criminal organization. These allegations were widely known, yet the administration moved forward with granting BEMAX control of a major national project under the CIP.

By tying a crucial housing initiative to a developer with such a dubious track record, the SLP government has not only risked the nation’s reputation but also jeopardized the integrity of the entire CIP. The Citizenship by Investment Program is one of Saint Lucia’s key economic pillars, and its exploitation for outsized private gain reflects poorly on the country’s governance.

04
of 06
Negligence, Incompetence, or Corruption?

The SLP government has left Saint Lucians with only three possible explanations for this fiasco: incompetence, negligence, or outright corruption. The deal’s terms suggest either a shocking ignorance of basic financial prudence, a lack of due diligence, or worse, an intentional betrayal of the public trust. Whatever the case, the administration’s actions have undermined confidence in its ability to govern effectively and in the best interests of the people.

Side-by-side photo Aleksandar Mijajlovic during his arrest in Europe and Ernest Hilaire, tied to the controversial CIP deal and corruption allegations.
Side-by-side photo Aleksandar Mijajlovic during his arrest in Europe and Ernest Hilaire, tied to the controversial CIP deal and corruption allegations.

05
of 06
The Need for Accountability

Saint Lucians are now demanding accountability. Oversight bodies, including the Chief Financial Officer, must take immediate action to investigate the terms of this CIP deal and the decision-making processes that led to its approval. Any failure to do so will only deepen suspicions of complicity within the government and signal that those in power are unwilling—or unable—to uphold the principles of transparency and accountability.

06
of 06
A Betrayal of Trust

The CIP deal was supposed to provide affordable housing and economic benefits to Saint Lucians. Instead, it has exposed the SLP government’s inability—or unwillingness—to act in the best interests of its people. The Saint Lucia Labour Party’s handling of this matter represents a betrayal of trust that will not be easily forgotten.

Saint Lucians deserve better than leaders who gamble away their nation’s future for the benefit of a foreign developer. The question remains: will the government rectify this travesty, or will it continue down a path of incompetence, negligence, and corruption?


Stay informed with Unitedpac St Lucia News as we continue to expose the truth behind the BEMAX scandal and hold leaders accountable. Visit our website for in-depth reporting and follow us on social media for the latest updates. Together, we can demand transparency and justice for Saint Lucia.

Tags: BEMAX developer controversyBemax scandalCIP deal controversyCitizenship by investment scandalErnest Hilaire corruptionranko upovic businessanRichard Frederick scandalRock Hall Housing ProjectSaint Lucia CIP issuesSLP government mismanagement

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