A litany of recent events in the jurisdiction of Nevis, spearheaded by the questionable actions of Premier Joseph Parry, leader of the Nevis Reform Party (NRP), have uncovered a pattern of perceived incompetency and self interest that stands to tarnish the international commercial image of the Federation of St. Kitts and Nevis for the foreseeable future. At a time when competing governments in the Caribbean are striving to provide a trusted and supportive environment for foreign investment, Nevis is for all intents and purposes promoting itself as a jurisdiction where legitimate commercial agreements are honored or not at the whim of presiding government officials.
Prospective investment companies or foreign governments need to be wary that entering into a legally binding agreement with the current leadership of Nevis appears questionable at best, but more likely a foolhardy gamble for the investor. It is inconceivable to think that the leadership of the NRP can operate in such a dubious manner without contemplating the negative consequences, both to themselves and Nevis as a whole, of such an approach to dealing with the international business community.
The most recent of these inexcusable actions by Premier Parry was exposed in an article published by the local news station WINN FM 98.9. In an article dated December 3, 2012, it was disclosed to the public that Parry and the Nevis Island Administration (NIA) had previously received correspondence from a noted New York law firm advising that its client United Trading and Investment Company (UTICO) was threatening civil action against the NIA. This civil action has resulted from the NIA’s continued failure to perform on its obligations under a Corporate Registry agreement despite UTICO having spent considerable sums of money preparing to assume administrative control and modernize the Registry. Premier Parry has been identified as the principal behind the scenes obstacle to the NIA carrying out its responsibilities despite numerous calls to action by UTICO over the past several years. Publicly, Parry vacillates from promoting and defending the terms of the agreement to minimizing Nevis’ commitment to the endeavor.
What should be troubling to Parry’s constituency is that the Registry agreement, entered into under Parry’s direct guidance, is governed by the laws of New York and not local Nevis law. Consequently, any dispute between the parties would have to be settled by arbitration in New York with all the considerable legal and administrative costs associated with such action, not to mention the significant monetary damages that could be awarded to UTICO as a consequence of NIA’s perceived acts of bad faith. Those costs would ultimately have to be borne out of the tax
dollars paid by Nevis citizens and companies.
The fact that UTICO is owned by United States citizens, who intend to establish US subsidiaries related to the Registry, should be equally troublesome. These individuals will most certainly make use of the political advocacy available to them by US federal agencies, who can bring economic pressure to bear on Nevis in protection of its citizens. This could have a serious impact on Nevis’ future economic growth, development and reputation, as U.S. based financial institutions would look to other more deserving developing nations to fund their economic aid packages. According to reliable sources in Washington DC if the UTICO contract is not honored it will have troubling affects on future US commercial relations and any funding the NIA has been seeking for Nevis. Should the U.S. take this path, other international agencies and private investment companies would likely follow suit.
The catalogue of other mismanaged opportunities and business dealings by the present Nevis administration is too long and involved to enumerate in this opinion. They include, but are not limited to in our opinion, the loss of standing for the Nevis Air & Sea Port Authority; failure of oversight and follow through on multiple proposed hotel and resort constructions; issues of electoral fraud under their watch; failure to capitalize on potentially lucrative geothermal energy opportunities; routinely conducting business under a shroud of secrecy; and failed attempts to seize control of privately owned business. Readers are obviously encouraged to make their own independent evaluations of the facts with a little research using published materials available to the public.
Trusting in one’s partners is the key component and basic foundation of any business relationship, most especially from an international perspective. Why would prospective investors look to enter into entrepreneurial business opportunities with the government of Nevis if they feared that their investment would always be at risk and be subject to a long and costly due process proceeding to protect their interests? For all practical purposes, Premier Parry’s way of doing business undermines Nevis’s ability to solicit new business that would provide infrastructure and jobs to its citizens. We have seen all too often, that once an entity’s reputation is called into question, it becomes a hard road to regain confidence within the international investment community.
With a new election coming up, the citizens of Nevis have the opportunity to send a message to the politicians of Nevis. Namely, they do not want their country to be perceived as a backward and stagnant place for foreign investment where generally accepted business protocols are flouted without regard to the good faith efforts of their international partners. Let this be a wake-up call to Premier Parry and those seeking political office. There is low tolerance in the international community for those who do not respect basic tenets of business law and practices. If Nevis is to succeed in a highly competitive Caribbean environment, it needs to clean up its act responsibly going forward.
George Miller, currently a Senior Vice President at Executive Action LLC, focusing on International Affairs, the CIA, Office of the Director of National Intelligence, law enforcement, and Department of Homeland Security matters. Mr. Miller is one of America’s leading foreign policy strategist, and has published extensively in foreign affairs journals. With thirty years of high-level experience in homeland security, counterterrorism, and intelligence issues, as well as extensive knowledge of the agencies and departments responsible for them. Over the years, Mr. Miller has worked with some of the world’s top business moguls and has worked with several global election campaigns, including that of the President of the United States, Barack Obama. In politics, Mr. Miller has worked with foreign candidates and governments including: Guinean President Lansana Conte ; Ivorian Prime Minister Gilbert Ake ; Russian President Boris Yeltsin and The Dalai Lama. The numerous honors and merit awards he has received include the Distinguished Career Intelligence Medal and the Intelligence Commendation Medal. Mr. Miller pursued doctoral studies at Indiana University, and holds degrees from Dartmouth College.
*************************
DISCLAIMER
This article was posted in its entirety as received by SKNVibes.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers.
