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Counter Evidence Exposes PM Drew’s Misleading Statements — Documents Reveal SIDF Loan Was Not an ‘Investment’, Government Share Valued Between US$6M–US$9M, Not US$100M as Claimed

BASSETERRE, ST. KITTS — In a high-profile, emotion-filled roundtable address, Prime Minister Dr. Terrance Drew attempted to deflect criticism over the scandalous Christophe Harbour Marina sale by launching a ferocious attack on the former Harris-led administration. But while the PM delivered passionate soundbites, the facts tell a different story — and they completely unravel the foundation of his claims.

At the core of PM Drew’s statement was the assertion that the Government of St. Kitts and Nevis (via the SIDF) had a 30% ownership stake in the Christophe Harbour development. Using inflated speculative valuations, Drew sensationally claimed that St. Kitts and Nevis could have walked away with upwards of EC$270 million (US$100M). He then accused former PM Dr. Timothy Harris of attempting to sell out the country by negotiating to retain only 35 acres instead of the alleged 600 acres due.

But now, thanks to hard documentation, contract clauses, and professional valuations, PM Drew’s entire narrative has crumbled.

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THE TRUTH BEHIND THE “INVESTMENT” — IT WAS A LOAN

PM Drew declared that the EC$43 million (US$16 million) provided to Christophe Harbour in 2013 by the SIDF was an investment that secured the Federation a 30% equity stake in the development.

However, Clause 5.12 of the official documents debunks that claim entirely.

“This Agreement shall be construed as a loan agreement… and not as an equity investment.”
– Clause 5.12, SIDF Loan Agreement

This clause makes it crystal clear: the EC$43 million was a loan, not an investment, and it was to be repaid in full, with interest. There was no 30% ownership secured via this transaction.

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SHAREHOLDER INTEREST? A Laughable $300 Entry

Further shattering the Prime Minister’s claim of massive national equity is Exhibit A, which outlines the SIDF’s shareholder contribution to the entity:

USD $300.00 — Yes, just three hundred US dollars.

That’s right: the Government’s shareholding in Christophe Harbour was legally recorded at a mere $300, a nominal amount that completely undermines the claim of any meaningful ownership stake.

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Professional Valuation: Government’s Stake Worth Only US$6–9 Million

Perhaps most devastating to Drew’s credibility is the independent professional valuation conducted by Grant Thornton, a globally respected firm. Their report places the value of the Government’s entire interest in Christophe Harbour between US$6 million and US$9 million — a far cry from the PM’s speculative EC$270 million claim.

Let that sink in: while Drew wants the public to believe that the country was sitting on a goldmine, the cold, hard facts say otherwise.

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PM Drew’s Math Is Misleading

PM Drew dazzled the roundtable with what seemed like airtight math — 30% of 2,000 acres equals 600 acres. Therefore, negotiating for 35 acres, he claimed, was outrageous. But there’s a fatal flaw in this logic: there is no binding agreement guaranteeing the country 30% of land ownership in Christophe Harbour. In fact, the original SIDF agreement involved no such commitment to land allocation.

The “30%” figure Drew repeated was notional at best and politically convenient at worst.

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THE REAL ISSUE: WHO GAVE AWAY WHAT?

Let’s be clear:

• The Denzil Douglas administration is the one that gave away 2,500 acres of prime Southeast Peninsula land to Christophe Harbour investors.
• The same administration also loaned them over EC$130 million through public institutions including the National Bank and SIDF.
• Christophe Harbour built a marina using the people’s money, made millions in revenue for over a decade, then sold the asset, and never paid back the full loans.

Yet Drew is using a fabricated “bad deal” claim to excuse the sale of a publicly funded marina to foreign buyers — without full repayment of what is owed to the nation.

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SPIN ISN’T TRANSPARENCY — THE PEOPLE DESERVE FACTS, NOT FICTION

PM Drew’s attempt to frame himself as the savior who “stopped a bad deal” is deeply misleading. The documents reveal:

• There was no outrageous Harris giveaway — no 600-acre land loss.
• The country never had a 30% ownership stake — only a small nominal share.
• The real sellout occurred years earlier, under the Douglas administration, when the land was transferred, and the loans were disbursed.
• The country is still owed tens of millions in unpaid loans, which this sale should have prioritized recovering in full.

Instead, we got a murky deal, no transparent sale price, and a desperate attempt to rewrite history.

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THE VERDICT: PM DREW MUST COME CLEAN

If the Prime Minister wants credibility, he must:

• Release the full sale agreement and valuation.
• Acknowledge the truth about the SIDF loan.
• Clarify exactly how much of the loans have been recovered.
• Stop misleading the public with speculative claims of ownership.

The people of St. Kitts and Nevis are not fools. They demand truth. They demand accountability. And they will not be pacified by patriotic poetry or political theatre.

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St. Kitts-Nevis Times will continue to expose the truth behind the Christophe Harbour debacle. The documents don’t lie — and neither should our leaders.