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News Release: NO NEGATIVE FALLOUT EXPECTED

Jun 14, 2016 01:49AM

ST. GEORGE’S, GRENADA, June 13, 2016- GIS: Grenada does not expect any negative fallout from a civil matter involving Mr. Charles Liu, a citizen of Grenada under Section 11 of the Citizen by Investment Act, because the matter has nothing to do with the CBI Programme.

A civil suit was brought against Mr. Charles by an Investor who reported him to the Securities and Exchange Commission in the US, requesting that an investigation be conducted because two years had passed since he approached them for money to construct a modern cancer hospital.

Minister for Economic Development Hon. Oliver Joseph said while it is unlikely that the matter will become a criminal indictment, Grenada will take whatever action is deemed necessary. 

“We do not think that it will affect the local program here because we have been assured by the other investors that the project for Grenada will continue. They think that the project has great potential, therefore they will continue to invest in the project in Grenada”, Minister Joseph said.

 Mr. Charles is one of the significant investors in the proposed Mt. Hartman Project, and was appointed as an agent for the EB-5 Immigrant Investor Program in the United States.

Mr. Joseph says Grenada is working closely with the US government and other stakeholders on the issue.

“If at any time criminal charges are brought against Mr. Liu, then we will move to take the appropriate action as we will do in any other situation where you have investors who have been issued Grenadian documents,” Minister Joseph added.

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