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Taxpayer-Funded Luxury, Billionaire Bailout? Public Still in the Dark!

St. Kitts (May 23, 2025) — In a deal raising more questions than answers, the Drew Administration and the Darby Family—co-owners of the controversial Christophe Harbour development—have announced the sale of the prized Marina at Christophe Harbour to U.S.-based conglomerate Safe Harbor Marinas, LLC, the world’s largest marina operator. But while champagne glasses clinked over the multimillion-dollar transaction, no mention was made of the elephant in the room: the $130 million unpaid debt hanging over the St. Kitts-Nevis-Anguilla National Bank like a financial time bomb.

The deal, described as a “strategic transition,” transfers all marina assets and operations to Safe Harbor. Left out of the press release, however, is any reference to debt repayment or how the windfall from this high-profile sale benefits the people of St. Kitts and Nevis—if at all.

According to historical records, Christophe Harbour was bankrolled through a controversial partnership between the St. Kitts-Nevis-Anguilla National Bank and the now-defunct Sugar Industry Diversification Foundation (SIDF), a creation of the former Denzil Douglas-led Labour administration. The SIDF gifted US$40 million, while the National Bank issued a hefty loan, which eventually ballooned into a colossal non-performing asset—the largest in the bank’s portfolio.

To date, despite repeated attempts to revive the project’s profitability via property sales and yacht slip rentals, not one cent has been repaid to the National Bank. Critics say the Darby family and their foreign investment partners were allowed to build an elite luxury enclave using public funds and CBI money—without meaningful returns to the average Kittitian or Nevisian.

Even more infuriating for some is the lavish praise heaped by the Drew Administration upon the very developers who have failed to settle their outstanding debt. PM Drew called the deal “a new chapter,” hailing the marina sale as a triumph of investment and opportunity. Safe Harbor’s CEO, Baxter Underwood, spoke of plans to expand the marina to accommodate mega yachts up to 350 feet—yet no concrete plan has been revealed to address the multi-million-dollar liability Christophe Harbour owes the nation’s leading bank.

Observers are now demanding transparency:

• Where are the proceeds from this marina sale going?
• Will the National Bank finally see repayment—or is the taxpayer once again left holding the bag?
• Why hasn’t the Drew administration disclosed how this deal impacts the nation’s financial exposure to Christophe Harbour’s long-festering debt?

One financial analyst called it “a case study in elite enrichment and government complicity,” adding, “The people of St. Kitts and Nevis deserve answers. This isn’t just about yachts and billionaires—this is about fiscal justice.”

Meanwhile, the sale proceeds remain a mystery, the debt remains unpaid, and Christophe Harbour sails on… debt-free—while the nation pays the price.

#WhereIsTheMoney?
#ChristopheDebtScandal
#NationalBankBetrayal
#DrewMustAnswer