[dropcap]S[/dropcap]ince the signing in July 2016 of a so-called “framework agreement” between the Government of Saint Lucia and Desert Star Holdings for the Pearl of the Caribbean project, Teo Ah Khing has become the island’s most talked about investor. Former Prime Minister Kenny Anthony has stated publicly that “there will be no peace” if the project should materialize. More recently he applied to the courts for an injunction to bring the project to a halt.
On Thursday, members of Saint Lucia’s business community filled the conference room at the Coco Palm Hotel, where they were given the opportunity to meet Mr. Ah Khing. His visit to Saint Lucia coincided with the Chamber of Commerce’s ‘Encounter with the Prime Minister’— an event organised for Prime Minister Allen Chastanet to update Chamber members on the economy and projects being undertaken by the government. In his brief opening remarks, Prime Minister Chastanet thanked Mr. Ah Khing for his “tenacity” in the project and expressed disappointment at some of the criticisms by detractors. He then introduced the day’s special guest who was welcomed with a generous round of applause.
Mr. Ah Khing spoke for less than five minutes. “I want to thank the whole Chamber of Commerce for hosting this event to allow us the platform to have a forum like this to discuss, to listen to suggestions for improvements and modifications,” he said. “The success of any development needs the support of the government, it needs support and strong commitment from investors, but most importantly it needs the support of the business community.”
He was followed by Mr. Eden Harrington, Vice President of Desert Star Holdings, and Demetri Baches, Senior Vice President. They confirmed that the project is well on its way. Said Harrington: “The objective is to be racing in February 2019 so that the launching of a new industry, a new sport, is very much part of the 40th Independence celebrations of your country.”
Harrington explained that, with the coming of the horserace track, numerous unique opportunities for the island’s business sector will follow. He said that this is an opportunity for the business community to answer the nation’s call and there needs to be an effort to participate.
Harrington explained the various packages available for partnership which include US$5,000 to sponsor a horse for a day, where earnings won by the horse go to the company; $45,000 for naming rights of an individual race and $200,000 for the naming rights of next year’s event. The largest package is for $500,000, for naming rights to the racecourse for 12 months. “Every time this racecourse is referenced in terms of horse racing and events, whether in print, broadcast, or digital media, the name of our organisation will be featured,” said Harrington. He encouraged the audience that the time is now to be part of a national drive where they can “lend their support to the nation.”
Following their presentation, the prime minister took the floor again to address a wide array of topics, from healthcare to the plans for the Hewanorra International Airport, hotel developments and crime. The floor was then opened to questions. Asked by this reporter whether he was concerned that the lawsuit filed by the former prime minister would have an effect on the project, the PM said he is no lawyer but the government has not been in breach of any law, therefore “nothing there scares me”.
“He [Kenny Anthony] is speculating as to what the contracts we have signed and the incentives that we’ve given DSH. All the incentives we’ve given to DSH are required to be public because they have to be published as statutory instruments.” He indicated that there is not one incentive given to DSH that “we’re not legally entitled to give”.
The PM said that the DSH project has not sold any passports through the CIP programme and that all the funds they’ve put in thus far came from them. “They have not borrowed money from any bank in this country; they have brought their own money on the table.”
The PM stated that he refuses to engage in gutter politics. “We have a difficult enough time. When you attract investors and you drag them into the mud of our politics, that is a behaviour that is unbecoming and will affect our ability to attract future investors in the future.” He called on the Chamber to stand up and say, “Enough is enough!”
