"NIC/Cabot loan fiasco is striking example of government's motives," SLP

St Lucia: Philip J Pierre, leader of the Saint Lucia Labor Party (SLP), questioned why the National Insurance Corporation (NIC) did not buy the Cabot Saint Lucia property from Cap Estate, rather than giving money to a foreign developer to borrow and acquire the property.

Last week, the NIC issued a statement claiming that Cabot Saint Lucia has raised EC$ 29.4 million from Cabot Saint Lucia Inc.

The amount represents the $27 million loan's full repayment and the interest accrued so far of $2.4 million.

According to the SLP leader, the "NIC/Cabot Loan Fiasco" is seen as one of the most striking examples of a government not acting in the state's interest and putting their last motives first.

"The area under consideration covers 360 acres of land worth approximately $90 million or $ 250,000 per acre or $5.74 per square meter," Pierre notes.

“The land was bought by Cabot for $37.5 million or $104,000 per acre at $2.39 per square meter. If NIC were to buy the land, it would automatically increase its asset portfolio by $52.4 million," he continued.

He believes the idea that Saint Lucians should celebrate this early repayment of the NIC loan is simply foolishness and a cheap political ploy.

"The government should rather give Saint Lucians living here and abroad opportunities to take advantage of the country of their birth by owning a piece of pristine property in Saint Lucia," Pierre said.

The opposition, he says, will investigate all legal ways to correct what the party sees as wrongdoing by Prime Minister Allen Chastanet, including Cabot's development.

The Saint Lucia Labor Party supports real foreign direct investment that is inclusive, sustainable and beneficial to Saint Lucians. We will correct the mistakes of this and many other developments.

He added that SLP would ensure free, public access to our beaches and coastline. They would protect institutions like the NIC from prime ministers and ministers who may have their own personal agenda and not that of the country.

In his closing remarks, Pierre called on the Prime Minister to convene the election now so that the people of Saint Lucia can go to the polls and breathe again.