Dear Members of the Board and Membership of the St. Lucia Chamber of Commerce,
I write as a deeply concerned observer about the Chamber’s ongoing silence on critical issues threatening our economic future and community well-being. The Chamber’s role as the private sector’s voice and a promoter of transparency uniquely positions it to lead on these matters, yet it remains quiet.
Among our greatest concerns is the Citizenship by Investment Programme (CIP), which continues to be clouded by serious allegations of mismanagement and legal non- compliance. Of particular note is the stalled Canelles hotel project in Vieux-Fort, linked to Caribbean Galaxy, where, reportedly, over 5,000 citizenship files sold at US$200,000 each have generated more than US$1 billion. Yet, after nearly six years, the project remains less than 20 percent complete and the government refuses to account for the proceeds from the sales raising serious questions about accountability and investor protection.
Similarly, the CIP infrastructure program with Caribbean Galaxy involves an exchange of US$100 million in infrastructure for 6,000 citizenship files valued at over US$600 million. This arrangement effectively places a substantial financial obligation on the government while bypassing the parliamentary oversight required under our Public Finance Management Act (PFMA).
Our concerns also extend to the Global Ports Holdings (GPH) arrangement, which, like the others, raises questions about transparency and adherence to financial and legal controls critical for protecting public resources.
The PFMA requires parliamentary approval for all government borrowing and significant financial commitments to ensure accountability and fiscal prudence. Circumventing this oversight framework threatens fiscal stability and undermines public and investor confidence in St. Lucia’s governance and economic future.
It is deeply troubling that the Chamber, entrusted with championing sound governance and protecting the investment climate, has yet to publicly address these critical matters. I urge the Chamber’s leadership and membership to demand comprehensive parliamentary oversight of all CIP-related financial commitments, call for transparent audits of stalled projects like Canelles, and encourage open dialogue among government, private sector stakeholders, and civil society.
The time to move beyond silence is now. I call on fellow Chamber members who share these concerns to join this urgent call for accountability and integrity. Together, the Chamber can reclaim its rightful role as a fearless guardian of our nation’s prosperity.
In solidarity, James Stanislaus