Did the ministers’ statement address the relevant concerns of the public?
By Caribbean News Global contributor
CASTRIES, St Lucia – On Tuesday, at the sitting of the parliament, the minister for tourism, investment, creative industries, culture and information, Dr Ernest Hilaire, tabled in parliament the 2022/2023 annual report of the Citizenship by Investment (CIP) programme.
The caption, style and emphasis are the creation of Caribbean News Global (CNG). A complete analysis will precede the report per the ministers’ presentation that reads as follows:
“ It is an opportune time to address parliament on the functioning of our citizenship by investment programme. The Citizenship by Investment Act No.14 of 2015, Section 24 – (1) provides that “Not later than three months after the end of each financial year and in accordance with subsection (3), the board shall submit to the minister an annual report on the work and activities of the board for that financial year and the minister shall not later than three months after the submission lay the same in parliament.”
What this means is this report is one year late. For which I sincerely apologize. We should always endeavour at all times to meet our statutory obligations. I do not desire to see this as a routine practice and I believe that unlike what has become a norm with so many statutory bodies, we should always endeavour to meet our statutory obligations. I have been informed that the delay was due to a number of factors some of which were beyond the control of the Unit. But it is not a time to give reasons or excuses. Better must be done by the unit. I am also informed that every effort is being made by the auditors so that the unit can present to me the annual report for 2023/2024 which is statutorily due to be laid in this House on 31 October 2024. I will endeavour to have this report submitted to parliament as soon as possible.
Achievements – The 2022/2023 report shows:
85 percent increase in applications received, from 583 to 1076:
25 percent increase in applications granted, from 435 to 544;
$35.58 million or 94 percent increase in total assets in comparison to 2022;
Growth in shareholders’ equity to $37.7 million or 44 percent versus prior ending March 2022;
12 percent growth in revenue from $54.2 million to $60.6 million;
40 percent increase in staff, bolstering the capacity of the due diligence, verification and accounts departments; there were of course challenges faced by the Unit.
Challenges
Delay in the clearance of funds at the banks, affecting processing start times;
Limited workspace to accommodate the growth in personnel;
43 percent or $10.1 million increase in programme costs, driven by a 948 percent increase in marketing agent commissions have resulted in a reduction in surplus from $27.7 million in 2022 to $22.8 million in 2023.
In summary
Coming off a 44 percent increase in applications in the previous year, the unit registered another strong performance with an 85 percent increase in applications compared to the year ending March 2022. This increase in applications was fuelled by Galaxy’s sale of shares in its Canelles Development and targeted marketing efforts in emerging regions, including parts of the Middle East and West Africa. There was a heavy investment in human capital with the recruitment of skilled personnel in the areas and finance and compliance.
The year was not without its shortcomings. The Unit which usually processed its applications within 90 days saw an increase in the application processing times. Not all factors contributing to this were internal. The due diligence processes were enhanced resulting in increased waiting for feedback. In addition, our key partners (banks, NIC, immigration department) also had to increase their resource allocation to deal with the increasing demand for their services.
The Unit continues to be in a strong cash position, boosting an impressive balance sheet with a growth in shareholder equity by 44 percent or $37.7 million. The delays in the application time resulted in a delay in the turnover of qualifying investment payments. Despite this, the Unit still ended the year with a $22.8 million surplus.
I look forward to comments on the report.
Beyond the tabling of the report, the CIP has been the subject of much discussion, misinformation, disinformation, political showboating and maliciousness. Some will even say that the intense focus on the CIP has exposed those whose relentless pursuit of power knows no bounds. So today, I will take the opportunity to address a number of concerns, provide information to those who genuinely demand and expect governmental accountability and expose some of the deceit.
Dr Ernest Hilaire and Mc Claude Emmanuel, Chief Executive Officer, Citizenship by Investment Unit
RICO case
I would wish to start with the RICO case filed by Philippe Martinez. In my address to the nation on 12 June 2024, I explained the origins of this RICO case. As indicated then, we did not know Martinez or have any dealings with him.
Martinez filed this RICO case against Galaxy and its CEO, two former prime ministers of St Kitts, the St Kitts National Bank, a St Kitts Escrow Agent and he threw in McClaude Emmanuel, the CEO of our CIP with no basis whatsoever.
Martinez has never invested in Saint Lucia and has nothing to do with our CIP, he has a grievance with St Kitts that had nothing to do with Saint Lucia, yet he has added McClaude Emmanuel to this case. He claims that Emmanuel had knowledge of Galaxy underselling in Saint Lucia and failed to stop it. All of the defendants are applying to dismiss this RICO case – all of them and the judge, has asked for the motions to be filed jointly on 01 November 2024.
Since the filing of the civil RICO case in June 2024, a civil case and not a criminal matter by the US authorities or law enforcement agency as the opposition is saying), Martinez has called into our local talk shows, attended DBS interviews and together with Kenneth Rijock and the leader of the opposition, the member for Micoud South, has launched a vicious attack on me, as minister for the CIP, he has launched an attack on Galaxy, a developer he introduced to Saint Lucia and encouraged to invest and undertake a CIP project and deemed an approved developer.
He has also launched the attack on upstanding lawyers, who are authorised agents, because they process applications in relation to the Galaxy Project and employees of the CIP Unit for simply doing their jobs and in one case for simply being the daughter of our prime minister.
The processes and procedures in place at the Unit are the same as when the UWP was in government, except, we immediately discontinued the use of the Chinese due diligence firm they were using to review applications for citizenships. It was they who were using a Chinese due diligence firm.
When the leader of the opposition attacks me and the CIP program, he is actually attacking a program he maintained for five years and a program which brings significant revenue to our country. The processes undertaken by our CIP Unit to verify an applicant for citizenship and to ensure the legal requirements for citizenship are met before issuing a certificate of registration are just the same and are maintained and undertaken at the highest level of integrity. Anyone who seeks to state otherwise is only seeking to destroy our CIP and indeed our country.
The CIP Unit
The UWP government introduced Galaxy to Saint Lucia and gave them their first allocation of citizenships for the construction of the Resort at Canelles. I spoke out against Galaxy during my time in opposition as Galaxy was selling citizenship and there had been no construction or activity, and they had not completed their development in St. Kitts.
The member for Micoud South at the time stated that his government was satisfied with Galaxy and had sent a team to St Kitts to assess these claims. The lawyer who was representing Galaxy and processing applications for Galaxy was the leader of the opposition’s personal lawyer. There were claims as far back then that Galaxy was offering financing and discounting sales, the so-called underselling. The member for Micoud South stated that these claims were investigated, and it was determined that nothing wrong was being done and that there were procedures to ensure that all our requirements were met.
The former prime minister gave a resounding endorsement of Galaxy including assisting them in securing the hotel management contract with AMResorts. Galaxy also received a strong endorsement from the former minister of commerce.
Here is the endorsement of the opposition, from the member from Choiseul/Saltibus, when in government:
“Caribbean Galaxy Real Estate is a citizenship by investment client and they were screened through rigorous processes. CIP ensured that the company met all requirements of transparency and had a proven track record of doing ethical business throughout the region and internationally as well.”
Yet when it was convenient to join Martinez to destroy our country, our future, our children’s future he changed his tune. This is a poor reflection on our country. How can we encourage developers to invest in Saint Lucia, and turn around and attack them simply because it is politically expedient to do so? This needs to stop. When chastised by right-thinking Saint Lucians for his attacks, the member for Micoud South stated he would visit Martinez and bring back evidence. We are still waiting for the evidence. He has since claimed it would be emailed to him. We are still waiting for the email. Instead, each week we are promised a bombshell of untold proportions, bombshells that will destroy the reputation of our country.
Spare me to focus a bit on the escrow arrangements. There is no illegality in the issuance of citizenship applications or in the processes undertaken by the CIP Unit in relation to the Galaxy Project or any other CIP Project in Saint Lucia since this government came into office in July 2021.
When Galaxy became an approved developer in Saint Lucia in 2019 under the former administration, they agreed to construct the Canelles Resort Project. An Escrow Agent was approved by the board on 21 August 2019 pursuant to approved Guidelines for the establishment and maintenance of an irrevocable Escrow Account, which includes among other things the obligation to hold the proceeds of the said Escrow Account in trust for Galaxy and the Investor (that is the Applicant for Citizenship) pursuant to an Escrow Agreement approved by the board.
The guidelines also provided for the Escrow Agent to remit monthly bank statements of the revenue and expenditure of the Escrow Account to the Unit. The Escrow Agent does not hold the money in trust for the government of Saint Lucia. It is not our money. It is Galaxy’s money from the sale of shares in their development. The money is to be used for the construction of the Resort and the developers expenses. The guidelines expressly state that the Escrow Agent must hold the money for and on behalf of the developer and the investor and shall release, transfer or otherwise deal with the escrow funds solely as directed in accordance with the terms of the Escrow Agreement.
The government of Saint Lucia is not party to the Escrow Agreement. The Escrow Agreement is between the developer, the investor and the Escrow Agent. These guidelines, practices and arrangements were all in place since 2019, under the former administration. We have not changed this.
The Unit undertakes a rigorous due diligence process in relation to each Applicant with reputable due diligence firms from the United States of America and the United Kingdom who review the applicants and their backgrounds. The due diligence on the applicant is further undertaken by local law enforcement then by the JRCC which is an additional layer of due diligence shared by all five Caribbean CBI programs.
The JRCC is a sub-agency of the Caribbean Community’s Implementing Agency for Crime and Security (you know as IMPACS). No individual employee of the Unit can ever influence the approval granted by these agencies. The statements made by Martinez, Rijock and the UWP that the prime minister’s daughter has any influence on this process is completely false. The applicant also pays the due diligence fees to the bank account of the Unit.
The applicant submits their application for citizenship through their authorised agent, which in most cases is a lawyer; the lawyers Martinez, the UWP and Kenneth Rijock have sought to vilify for simply doing their job.
The due diligence is undertaken and once an applicant has been approved by all of these agencies, the Escrow Agent is asked to provide proof that the minimum investment amount has been paid by the applicant in the Escrow Account and the authorised agent is to provide the Oath of Allegiance duly signed by the Applicant. On receipt of confirmation that that the minimum investment amount has been paid to the Escrow Account, government fees received, interviews carried out and the Oath duly executed, the applicant is approved for Citizenship and the certificate of registration submitted to the minister for execution.
This is the process undertaken when the member for Micoud South was minister responsible for the CIP, except applicant interviews are done now and is the same process undertaken today at the Unit. The Escrow Agent remains the same, the guidelines remain the same and the Escrow Agreements have not changed. The change is that we do more due diligence.
The suggestion that illegal passports have been granted because the minimum investment amount was not paid is false. The suggestion that any passports should be revoked because they were granted illegally is false. We are not privy to the commercial arrangements between an investor applicant and the developer but what we do know is that the applicant pays the minimum investment amount into the Escrow Account before the Citizenship is granted to the applicant and that applicant would have been approved by the due diligence agencies.
As I would have explained before, the Escrow Agent approved by the former administration is to provide monthly bank statements to the Unit. It is important to note that the Unit reviews and reconciles these statements and confirms that the minimum investment amount was in fact paid into the Escrow Account and the particulars of the transfer is stated.
Due diligence fees and government fees are paid by the applicant to the bank account of the Unit held at a bank in Saint Lucia. The bank in Saint Lucia charges fees to undertake its own due diligence in relation to these incoming funds and these funds are only cleared when the due diligence of the bank is satisfactorily complete. The allegation that the bank partakes in any money laundering and is complicit in any illegality is false. This attack on our banking system and our citizens is unwarranted and only seeks to destroy the credibility and integrity of our institutions and our people.
The member for Micoud South knows that the money is the money of the developer. This is the process he approved as Minister for the CIP and approved by the board under his watch.
Despite all of this, the member for Micoud South contends that he will bring an action to revoke passports and has stated that he will ask Martinez to pay for lawyers to take Saint Lucia to court. I quote the former prime minister:
“Now, I believe that we should write Mr Martinez and to say to him that if in fact the government does not want to join, the people of Saint Lucia will join. And so I’m going to ask my party at its next meeting to approve the beginning of a petition in Saint Lucia that we accumulate as many names as possible to send it to Mr Martinez and to tell him that we want our money back. And to ask him whether he will pay the legal fees to assist us in going after our money and to make sure our money comes back from China here to Saint Lucia.”
A former prime minister, a member of the House seeking to finance action against his country knowing full well that he set up a process which provides for Galaxy to retain the investments to construct the Resort. This is a hostile act against the government and people of Saint Lucia.
I have heard the false narrative that we have collected over US$1.4 billion and I have stolen the money. Another version is that Galaxy has collected the monies, and I am benefitting from it. It is a daily story posted and circulated.
None of this is true. If they know how to steal US$1.4 billion, that’s them. We don’t engage in theft of public funds or any funds and no amounting or manufacturing or repeating lies and false narratives can ever make it true.
There has been much ado made about the number of shares granted to Galaxy by this government. Shares are approved for a CIP project and permits investors who purchase shares from the developer to apply for citizenship.
In November 2021, I met with Galaxy and informed them that they are required by law to construct the Resort. We insisted that the resort must be built. Galaxy agreed that once they finished selling shares for their project in St Kitts they would move their operations to Saint Lucia to commence the Resort. They later indicated that after consultation with AMResorts the scope of the Project had increased significantly and, additionally, due to the increased construction costs after Covid-19, they would need to revise the agreed number of shares. The number of shares to Galaxy was increased by the board and construction on the Resort began in early 2023.
We have noted delays in construction, and it has not been at the pace and stage that we require and have met with Galaxy to discuss the delays. We have been assured that construction will be accelerated and the Resort will be complete by May 2026. Delays and costs in construction has affected almost every project in Saint Lucia since COVID-19.
If it is that Galaxy was conducting its business illegally and wrongfully allowed to earn over US$1 billion that belongs to Saint Lucia then the former government would need to answer a few questions. DSH applied for CIP approval for a project estimated at US$1.8 billion. In their proposal, they requested 9,160 shares. Now multiply this by US$300K, that gives $2.7B!
I am told that the CEO at that time was removed from office because she did not recommend approval of the application. The requirement to allow CIP escrow accounts to be held in Saint Lucia was changed by the former administration to accommodate DSH. There was placed on the CIP website and is still there, the announcement and placement of the Alpina Saint Lucia Hotel and Alpina Square as two CIP-approved projects. You can visit the website, scroll to the bottom and click on “Get an Investment Project Approved”. You can even see the date that it was announced to the world on the website, January 11, 2021. Now does that mean that US$2.7B is missing? Does that mean that the former minister for the CIP is corrupt and stole the money?”
The Range Development. This was approved as a CIP Real Estate Development but was then actually sold as a Donation Option under the former administration. There is no authority on which real estate shares could be sold as donation. We have questions to be answered about this.
How many shares were sold? And where was the money deposited? How much money was paid to Range in settlement of their claim against the Government? Who else were payments made to?
Maybe the leader of the opposition can answer these questions. So before he can demand answers to questions, maybe he should start answering a few about Alpina and Range.
I cannot move on without reflecting on the untold damage that has been done to the reputation of a group of lawyers and employees of the CIP Unit and the board members by the actions of Martinez, Kenneth Rijock and the UWP Party. You see, when it was thought that Thaddeus Antoine was the beneficiary of the operations of Galaxy, he was accused and maligned as corrupt and as an enabler. All sorts of stories were made up. But then reality strikes, there are several lawyers who are Authorised Agents, doing their job and processing applications for a CIP project approved by the former administration.
They now attack and vilify Geoffrey Du Boulay, Diana Thomas, Jonathan McNamara and Brenda Floissac. Articles have been written and statements made about them which are completely and totally unwarranted and unacceptable. There was no wrong committed by these lawyers and it is unfair for them to be targeted and wrongfully accused. Accomplished professionals having to pay the price of cheap vindictive politics. They have also attacked and threatened the jobs of employees and threatened members of the board. All of this is unwarranted and needs to stop.
In my address of June 12, 2024, I provided details of the number of applications received and approvals given and indicated how many were real estate approvals for Galaxy.
I wish to provide an update on these figures. From 1 August 2021 to 30 August 2024, we have granted 2,873 approvals of which 1,970 or 69 percent were real estate for Galaxy.
Contrary to what you have heard in publicized interviews and repeated by the member for Micoud South and the UWP, Saint Lucia has never approved 14,000 applications. I want to repeat that Saint Lucia has never approved 14,000 applications and there is no $1.4 billion.
We have only approved just over 1,970 real estate applications for Galaxy!! I must also categorically state that contrary to what has been said Galaxy has never collected $1.2 billion.
Infrastructure option
I now address the infrastructure option. I have never seen an opposition party panic so quickly at the announcement of a government programme. Why are they so scared of the apparent success of the CIP and particularly the infrastructure option?
The opposition has been raising issue with the so-called “Infrastructure Option” and what they claim is corruption. Not that they disagree with an infrastructure option and that they have a brighter idea. Instead, it is just seen as corruption. Under the Enterprise Option, we added a third sub-option which allows a developer to propose a self-financed project in one of the investment areas in exchange for an agreed number of qualifying applications (similar to shares in the real estate option). The developer has to source the finance and spend upfront and carries all the risk, has the responsibility of sourcing the applicants, carries the risk of sale and even termination of the programme and has to implement the project under the supervision of the government of Saint Lucia.
Since its announcement, we have been able to secure investment in a national infrastructure improvement project by Caribbean Galaxy, a housing project by Bemax LLC (which I will come to shortly) and we have a pending application for another housing project. The opposition has cried foul. They claim that the Option is illegal. They claim it is illegal because it was not Gazetted. The changes to provide for this option were Gazetted on December 20, 2023. As per legislation, the opposition could have tabled a resolution in parliament to oppose the changes. They never did. It meant that it is now legal to offer the option to investors. We were delayed in Gazetting the specific projects as approved projects. We believe that this has to be done to inform the public of the projects that have been approved. Once we were aware of the failing, we immediately corrected it.
But if not Gazetting the specific projects is illegal then what of the projects the leader of the opposition did not Gazette? It has been brought to our attention that the DSH Project, the Range Development Project and the Galaxy Canelles Project were never Gazetted by the former administration, despite them having been approved and notifications published on the CIP website. We are presently awaiting guidance from legal counsel as to whether we should proceed to Gazette the Canelles Project.
This Enterprise Option has the potential to open significant avenues for investment in constructing roads and highways, upgrading educational institutions, housing, and medical facilities. No applications have yet been approved under these Projects and are still going through the due diligence process. Further, no minimum investment amounts have yet been received by these developers. The Bemax LLC housing project commenced in October 2024 and the Galaxy project has not yet commenced as the Ministry of Infrastructure is in the process of identifying various works and contractors for these projects.
BEMAX
BEMAX LLC whom I mentioned earlier has recently become the subject of discussion in the media and I think it is important that I explain the position. In 2022, after a roadshow promoting the Citizenship by Investment Programme, we received, through one of our marketing agents, a prospective investor BEMAX LLC, a company incorporated in the United Arab Emirates represented by Aleksandar Mijajlovic who was interested in financing housing and road infrastructure.
Having been provided with the list of possible areas of investment in roads and housing, BEMAX submitted a Letter of Intent dated 22 November 2022 for the Rock Hall Housing Development. Bemax visited Saint Lucia in December 2022. All background checks and due diligence were undertaken and provided no adverse findings. The project was approved in January 2024 and the developer started the sale of shares to Investors in February 2024.
On Monday, September 30, 2024, I was informed that Aleksandar Mijajlovic had been arrested on February 19, 2024, for alleged involvement in the smuggling of cigarettes between 2016 and 2021. This was long after all our background checks and diligence was done. He was not charged but put on bail pending further investigations. The CIP Unit has a system for continuous monitoring of all Saint Lucia CIP citizens but Aleksandar Mijajlovic is not a citizen and would not have shown up on any notification.
Immediately upon receiving such information, the Unit sought to obtain as much information as possible to understand what had transpired including asking the individual involved to submit a signed statement duly notarized explaining the circumstances of his arrest and questioning. A statement was received by the Unit.
The following was explained:
That he is innocent;
That he is a victim of political persecution. He stated he owns business interests in Montenegro including media interests. He is well known as a supporter and donor of the now-opposition party which lost parliamentary elections in June 2023;
He indicated that once he was arrested, he transferred all his shares in his various businesses to other investors. Therefore, he no longer holds any interest in the company undertaking the Housing Project;
He stated that according to Montenegro Law, the Prosecution has six months to indict and charge him. The six months expired on August 19, 2024. The Prosecution requested an extension of two months to complete their investigations. The two months expired on October 19, 2024. He has not been charged.
We are presently awaiting further information on the situation and will take legal advice on the options open to the government of Saint Lucia on how we proceed in relation to this developer and this project.
Meanwhile, we are conducting due diligence on new owner of BEMAX, Veselin Kovacevic. I will provide updates as they become available. But let me assure Saint Lucians and constituents of Castries East of one thing, whether it is with BEMAX or no BEMAX, the Rock Hall Housing Development will be built! The People of Castries East and all Saint Lucians deserve better housing.
Use of CIP funds
We believe it is important that you know how monies earned from the CIP have been used. I cannot explain how monies were used under the previous government as we do not know how monies were used. I will leave it to the leader of the opposition to provide such information to this honorable House.
Since July 2021, a total of EC$146.8M has been transferred to the National Economic Fund. Of that amount EC$75M has been transferred to the Consolidated Fund and used primarily for debt repayments.
From Excess Operating Cash earned by the Unit, EC$54.1M has been spent supporting the work of various agencies.
I shall categorize and highlight as follows:
Agricultural Support: $2.2M included is the construction of the Micoud Jetty and Support for Banana Farmers affected by the delay in supply of packaging Material.
National Security and Citizens Safety: $2.8M included is support for RSS officers, vehicles for the Police and for supplying the Bordelais Correctional Facility.
Constituency Development: $3.4M used for supporting the constituency development programme in housing and small projects.
Culture and Creative Support: $4.2M used for carnival and festival expenses.
Educational Support: $5M notably for back-to-school support and other school support.
Energy Support: $1.2M used to subsidize the price of fuel and LNG.
Food Subsidy: $4.3M used to subsidize food prices and provide food vouchers.
Health Services: $13.3M notably to meet liabilities of the Millennium Heights Medical Complex and outstanding COVID-19 bills.
National Infrastructural Improvement: $3.8M used to improve the national road network.
National Emergency Response: $0.8M for flood relief victims.
Social Development Projects: $8.4M used for various social development projects and small infrastructural projects.
Sports Development: – $1.5M.
Community Tourism: $1.6M used for additional works at the Anse La Raye Waterfront Project.
I hope that the above provides a fairly comprehensive account of monies that that has been spent by the government from monies earned from the CIP since July 2021.
I have not accounted for the expenditure of the National Economic Fund as it is being audited nor monies held in trust at the National Economic Fund and CIP Unit awaiting transfer.
RIJOCK – Truth or Scandal
I want to conclude by again reflecting on the extraordinary vicious attack on the CIP and citizens of Saint Lucia. It is not a critic of policy, decision-making or operations. It has been personal, malicious, untrue, unpatriotic and destabilizing. It has known no bounds.
But what is interesting is that this attack has been fed from information from Martinez and Rijock. Martinez has said a lot and promised a lot and soon the courts will decide. It was clear that Martinez wanted to destroy the CIP for his own purposes. He found a willing ally in the member for Micoud South, who shows no loyalty to Saint Lucia or Saint Lucians. I am confident that the RICO case will be exposed as a sham and all accomplices will have to account.
The UWPees have taken comfort in the writings of Kenneth Rijock who describes himself as a convicted money launderer. But it is important that they remember the writings of Rijock in relation to the member for Micoud South, writings that have since been deleted from his online blog.
Luckily, they can still be found. Let me take you back to one of his articles dated March 21, 2021, titled “Saint Lucia’s Prime Minister’s Criminal Misconduct Justifies His Removal and Arrest.”
Rijock described and stated that the then prime minister, now opposition leader, member for Micoud South:
“ Allen Chastanet’s administration operates on a plan similar to that of a former administration in the United States, where every Cabinet Official is for Sale if the prices is right.” Rijock went on to say, “ Allen Chastanet is comparable to the conman and pathological liar type and bluster…” and that “after years that Chastanet has remained in office, crime and corruption are still the order of the day…”
Maybe the leader of the opposition should offer an explanation for the statements made in that article. If he can justify his actions and level accusations on the basis of what Rijock writes, how then [how] does he account for what Rijock said about him?
I end giving the assurances to the people of Saint Lucia that our CIP is in safe hands. Since the signing of the Memorandum of Agreement between the countries in the region offering CIP, a regional regulatory body has been established. We welcome this as it will make all the programmes more transparent and accountable. We have also engaged an auditor, Deloitte’s to undertake an audit of the CIP, which will review our operations and make recommendations where necessary.
The new pricing structure introduced by the MOA has affected the structure of investments. We are presently in discussions with Galaxy, potential investors and our legal counsel to ensure the most robust and compliant structure for these investments.
I can inform the honorable House that since July 1, all infrastructure sales as well as potential new investments for real estate and infrastructure have been suspended.
We are hoping that very shortly we will resume sales and all our normal activities. We will be stronger and better.
The CIP is a major source of revenue and offers the possibility to finance our national development in a significant way. It is why the UWPees are relentless to destroy it. They see their doom in its success. They have created a false narrative about corruption and scandal, they have joined with two ex-cons to attack the programme, the prime minister and myself and even persons who are not political. But it is not about myself or the prime minister, it is about our country, our people, our development, our dreams and our aspirations.
” No one who wants to lead this country should do so on a foundation of manufactured lies and deceit. We will overcome Martinez, Rijock and when the time comes you will answer the leader of the opposition in a louder voice than you did on July 26, 2021.“
This completes the ministers’ statement.
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