St Kitts and Nevis to evaluate irregularities in CBI programme by Former Government

St Kitts and Nevis: As part of their effort to improve the Citizenship by Investment (CBI) Programme, the authorities of St Kitts and Nevis are set to launch a formal investigation to outline the irregularities performed in their CBI Programme under the leadership of the former government.

This investigation will be conducted by the Director of Public Prosecution’s Office (DPPO), which will thoroughly examine the actions of Caribbean Galaxy and Former CIU CEO Les Khan.  

As the announcement was made public, the Prime Minister of St Kitts and Nevis, Dr Terrance Drew addressed this initiative as crucial, while noting that he extends his full support for this effort. 

Prime Minister Terrance Drew added that the underselling of citizenship has been announced illegal as part of several reforms which were enacted over time to refine the system. Although he highlighted the importance of these reforms, it was interpreted from his statement that the administration will look forward to underline the irregularities that were made before the changes were implemented. 

It is to be noted that the authorities at St Kitts and Nevis have tried every effort at their end to maintain the international standards and longevity of their CBI programme. In light of this, the federation also signed a Memorandum of Agreement among the five members of the Organisation of Eastern Caribbean States, that offers the CBI Programme. 

SPECIAL PROSECUTOR TO BE APPOINTED

As part of their investigation, DPPO will move ahead with the appointment of a special prosecutor who will assess all the irregularities. 

This prosecutor will be of foreign Jurisdiction, who will collaborate with a team of outside investigators, given the condition that at least one of them should be a local. 

FAIR AND IMPARTIAL RESULTS

The Director of Public Prosecutions office will ensure that the process will be conducted with clear transparency and a fair decision would be made into the situation. 

The federation of the Twin Island Nation has also extended their full support to the process, making sure that it concludes smoothly leaving an impartial decision. 

In regard to the support extended, the Prime Minister reiterated the CBI Programme as one of the finest assets for St Kitts and Nevis’ economy. 

“We intend to make sure that the programme is admired properly and that anyone who improperly takes any advantage of it, is held to account,” said PM Drew during his address. 

WHY IRREGULARITIES ARE A CONCERN

While the previous government was ruling, the Citizenship by Investment Programme of St Kitts and Nevis met several changes causing irregularities in the overall system. It was previously reported that a major underselling of the applications was made under the assistance of the former government. 

Due to which former CIU CEO Les Khan and Caribbean Galaxy, have been put under the spotlight for further investigations. 

The irregularities were the reason that led the authorities of the five Caribbean nations to sign a Memorandum of Association (MOA) to set up a minimum threshold to limit any further instances of the same. 

Notably, the new initiatives will ensure the genuineness of the world’s one of the oldest CBI Programmes. This programme being one of the significant sources of revenue for St Kitts and Nevis, its integrity needs to be transparent and robust.