An IMGW.News Report:
In a surprising turn of events, Lorne Theophilus, chairman of the Citizenship by Investment Programme (CIP) of Saint Lucia, has reportedly resigned from the board, though there has not been an official government announcement to confirm this. This development comes just days after MSR Media filed a CBI RICO lawsuit in US Federal Court, casting a shadow over Saint Lucia’s international reputation.
This is a developing story, and IMGW.News will be following it closely to keep our readers up-to-date with the latest information. Stay tuned for further updates.
Despite the significant nature of this resignation, official confirmation remains elusive, with the government’s communication channels offering little clarity.
The timing of Theophilus’s resignation is critical, occurring less than a week after the lawsuit’s filing. This legal action by MSR Media has highlighted serious allegations regarding the CIP programme, prompting global attention and scrutiny. A Washington-based CIP professional commented on the potential impact, suggesting that if the lawsuit proceeds with substantial evidence, it could expose key figures within Saint Lucian society and severely damage the CIP programme’s credibility.
The Racketeer Influenced and Corrupt Organizations (RICO) Act, under which the lawsuit is filed, allows for severe penalties for involvement in ongoing criminal enterprises. This adds to the gravity of the situation, putting the reputation of Saint Lucia and its CIP programme at significant risk.
The Saint Lucia Labour Party (SLP) has previously voiced concerns about the programme, criticizing changes made by the United Workers Party (UWP) that they believe have cheapened the value of citizenship. The SLP has pledged to review all citizenships granted under these new requirements if they return to power, emphasising the need for the CIP to maintain a high standard and not be perceived as a low-cost option.
Prime Minister of St Kitts and Nevis, Dr. Terrance Drew, has also weighed in on the broader implications of similar issues in his country. He emphasized the importance of due process and the willingness to revoke unlawfully obtained citizenships to protect the nation’s reputation.
Investment Migration: Top on the Caribbean Agenda
As Saint Lucia grapples with this crisis, the government’s reluctance to engage openly with the allegations and evidence presented in the lawsuit raises further concerns. A recent government press release implied a lack of awareness or understanding of the claims made by MSR Media.
On the international stage, discussions at the Fourth International Conference on Small Island Developing States (SIDS4, 27-30 May 2024) in Antigua and Barbuda have shifted focus. Rather than addressing usual topics like debt, climate change, and healthcare, the spotlight is on the implications of Caribbean CIP programmes and their governance.