No answers forthcoming to questions of SIDF inconsistencies

BASSETERRE, St. Kitts – SEVEN days following the publication of a formal letter of enquiry to Minister of State with responsibility for Information Hon. Nigel Carty in relation to notable inconsistencies surrounding the St. Kitts-Nevis Sugar Industry Diversification Foundation (SIDF), there has been no formal response from the Senator’s office nor from the Foundation’s Board members.

The SIDF, established in 2006 to encourage economic diversification following the closure of the sugar industry, provides an opportunity for foreigners to become citizens by investing US $200,000 into the Foundation. However, there had been much controversy associated with the Foundation as many citizens noted that available information about the Fund was unclear and often contradictory. 

Known social commentator Alicia “Al” Powell presented a letter of enquiry on February 23 requesting of the relevant authorities to provide appropriate and timely responses to 10 questions about the Fund. Some of the questions presented relate to executive representation for Nevis, collaboration with the St. Kitts-Nevis Chamber of Industry and Commerce (CIC) in appointing private sector representatives and the separation of Government and the Foundation.

“Who authorized the change of the Secretary of the Foundation from The National Trust (St. Kitts Nevis Anguilla) to Caribbean Financial Associates Inc., a privately owned business? Was the public invited to apply for this position? Would there be some irregularity in Caribbean Financial Associates Inc. owned by Michael Martin in performing this role bearing in mind that Martin was the former General Manager of National Trust (St. Kitts) Ltd?

“How many Citizenship-by-Investment applications have been approved and how much money has been collected for the SIDF to date? In what bank or financial institutions are these monies deposited or invested? Is there some discrepancy regarding the amount and the currency of the Fund?”

Powell questioned the composition of the Board and the possible conflict of interest of a number of the Foundation’s partners, stressing the need for the public to be aware of the total amount collected to date by the Fund. She informed that although the public has often been comforted that the Foundation is transparent and accountable, the Foundation has not been responsible to the public in addressing the issue in full.

SKNVibes contacted the representative for the Foundation’s Secretary, Caribbean Financial Associates Inc.’s Michael Martin who declined to respond to Powell’s questions.

“We have made our statements in relation to SIDF and we have made the necessary information available to the public. We have no intentions of making a direct response to such questions,” he said.

Carty told SKNVibes that although he had no initial intention of responding to Powell’s inquiries, he would have to contemplate the matter before deciding if a response is warranted.

“I believe that it was written in bad faith. Ms. Powell has been nothing but discourteous and rude in addressing the issue. So, I would have to contemplate the matter and see if she deserves a response.”