By: Spokesman Newsroom
BASSETERRE, St. Kitts (Thursday 28th November 2024)-“How is it the Harris administration did not know that? Why was our country exposed?”
On the topic of the convicted fraudulent background of French investor Phillipe Martinez, such a line of questioning has been made by Prime Minister and Minister of Finance Dr. Terrance Drew, in relation to the vetting process of the Citizenship by Investment (CBI) programme and its association with Martinez under the past government.
His sentiments were made when quizzed by a local reporter during his monthly The Round Table session held on Wednesday 20th November 2024.
PM Drew addressed concerns about Martinez’s inclusion in the program, allegations of misconduct, and the handling of the program under the previous administration.
He outlined the timeline of Phillipe Martinez’s association with the CBI programme, noting that his involvement existed before the present administration.
“When we met Mr. Martinez, when we got into office, it was already part of the CBI programme,” Dr. Drew stated. “Mr. Martinez, with MSR, was admitted to the programme in May of 2022. You’ll be fully aware that I was not the Prime Minister, and that it was another Prime Minister who admitted Mr. Martinez into our CBI programme.”
PM Drew highlighted that the government assumed due diligence processes were carried out before Martinez’s admission. However, subsequent checks revealed serious issues.
“When we did our other due diligence, we discovered a checkered past for the MSR gentleman,” Dr. Drew said. “A checkered past that showed from our information that he was convicted for fraud. He was sentenced to five years in prison, according to our report, and he spent time in the United States and Europe.”
He questioned why the previous administration had not uncovered this information during its vetting process.
“…you would know that based on our standards in St. Kitts and Nevis, if a man or woman commits any type of offense, fraud, which is significant, he or she is bad from certain jobs. And in our CBI programme, when this is discovered, this is grounds to take serious action. The question becomes, and it’s perplexing. How is it the Harris administration did not know that? Why was our country exposed?”
He disclosed that Martinez later approached the government with a financial demand to resolve the matter.
“One of the things that was said to me and to the government was that if we wanted this to go away, we needed to pay $40 to $100 million US dollars,” Dr. Drew revealed.
He expressed outrage at the request, emphasizing its potential financial implications.
“How can a man enter my office saying…that I have to pay $40 to $100 million out of the government’s treasury to settle this case that a fraudster has brought forward, who should not have been in the first place?”…$100 million U.S. dollars, that is approaching a quarter of our annual budget.”
PM Drew emphasized his administration’s commitment to safeguarding the integrity of the CBI program, distancing themselves from Martinez and taking steps to strengthen oversight.
“I will never risk the integrity of our country or the PM’s office or the CBI programme with such a character,” he asserted.
Additionally, he outlined measures introduced under his administration to address issues within the programme.
“We are the only country that has made underselling a criminal offense. If you do that, you will have a record that reflects that you were involved in fraudulent activities,” he said.
PM Drew questioned the vetting process under the previous administration, asking, “Had he gone through the process, he would not have entered the program. How did we accept this man with this severely tied criminal record to be entered into our CBI programme?”
Dr. Drew also raised concerns about misinformation and alleged attempts to manipulate public perception.
“This gentleman has paid surrogates within the media, podcasts, all over, [and] does not care about the people of St. Kitts and Nevis. As is obvious, he is about himself and what he perceives he can get because the question becomes, if you care about St. Kitts and Nevis, why are you attempting to extort tens of millions of US dollars from the people of St. Kitts and Nevis through the treasury? Why? Is the question.”
The Prime Minister reaffirmed his administration’s commitment to transparency and accountability.
“I will not allow a fraudster to drag my name…Any accusation that this administration has been complicit in wrongdoing is not just false; it’s absurd.”
Dr. Drew underscored the importance of the CBI programme to the national budget, noting that it contributes significantly to infrastructure, utilities, and social programs.
“The programme had become the mainstay of our current budget, meaning that 60 to 70 percent of what we pay for came from the CBI programme,” he explained.
He reiterated his administration’s stance on protecting the integrity of the programme.
“We will not be improperly pressured by questionable actors, wherever they might be,” he said. “The people of St. Kitts and Nevis deserve a CBI programme that operates transparently and in their best interests.”