The Saint Lucia Citizenship by Investment Board (CIB) has condemned what it described as a “failed attempt to threaten, embarrass, and extort” it, as it responded to the voluntary dismissal of a U.S. lawsuit against the Chief Executive Officer of the Citizenship by Investment Unit, Mc Claude Emmanuel.
The lawsuit, filed in U.S Federal Court by Philippe Martinez, a developer based in St. Kitts with no business ties to Saint Lucia, alleged misconduct on the part of the Unit. However, the CIB dismissed the legal action as “baseless” and characterised it as an effort to damage the reputation of the island’s Citizenship by Investment Programme (CIP), its leadership, and its network of key partners, including banks, authorised agents, and promoters.
In a strongly worded statement, the CIB said, “This lawsuit had no merit from the outset. It was a frivolous attempt to undermine the credibility of the Citizenship by Investment Programme and its management.
“The withdrawal of the lawsuit further underscores the lack of credibility surrounding his claims.”
The board further revealed that last-minute attempts for a financial settlement were rejected outright.
The CIB pointed out that the controversy had come as Saint Lucia continued to position its CIP as a leader with a reputation for rigorous due diligence.
The programme, which collaborates with other Citizenship by Investment initiatives in the Organisation of Eastern Caribbean States (OECS) and international stakeholders, including the European Union, U.S. State Department, and other regulatory bodies has been praised for its transparency and upholding the highest standards of good governance.
Highlighting its focus on protecting the country’s reputation, the CIB reaffirmed its commitment to maintaining the integrity of the programme.
“The Saint Lucia Citizenship by Investment Board wishes to reiterate that it takes the business of the State very seriously and ensures the operations of the Unit and, by extension, the programme remain above board and within the regulatory requirements,” the CIB statement concluded.
