The National Insurance Corporation (NIC) never entered into a deal with Cabot Saint Lucia for the sale of land as indicated by a VOICE Newspaper article published last Saturday on its front page which stated that “The previous Allen Chastanet-led administration had fully backed the controversial deal between the NIC and the Canadian developers for sale of over 300 acres of prime real estate NIC owned at Cap estate – at rock bottom prices local developers openly stated they wished they had an equal chance to bid for.”
THE VOICE article also stated that, “The NIC stoutly defended the deal saying it involved satisfactory profitable returns on the transaction which were in fact recorded within two years of sale of expensive house lots to foreign clients.”
NIC did not, at any point, enter into a deal with Cabot Saint Lucia for the sale of land. NIC’s only involvement, as far as Cabot Saint Lucia is concerned, is a loan NIC provided in the sum of EC$27 million which was in line with NIC’s investment policy.
On 27 March, 2021 NIC received EC$29.4 million from Cabot Saint Lucia which represented full repayment of the loan and interest accumulated of EC$2.4 million.