We thought you’d be interested to know that the International Centre for Settlement of Investment Disputes (ICSID) has accepted True Blue Development’s request for arbitration with the government of Grenada over construction of the now-stalled Kimpton Kawana Bay resort.
True Blue and its principal, international investor Warren Newfield, sought a ruling by ICSID after a bewildering series of obstructions by the Grenadian administration brought a once-promising and highly touted luxury development to a standstill.
Funded by the country’s Citizenship by Investment program, Kimpton Kawana Bay was expected to be a cornerstone of Grenada’s tourism-dependent economy.
Instead, the government made spurious allegations of misuse of funds and other improprieties in an effort to squeeze the project into failure.
Independent auditor PFK reviewed Kimpton Kawana Bay’s financial records and found everything in order.
Mr. Newfield, said, “As heartbreaking and perplexing as I find the government’s turnabout on Kimpton Kawana Bay, we have worked diligently to meet all our obligations, while the Government of Grenada has been deceitful. We look forward to the opportunity to prove the Government of Grenada’s broken promises in the now registered arbitration proceedings.”
ICSID, based in Washington DC, is an arm of the World Bank focused on resolving investor disputes with sovereign states.
True Blue and its investors are represented by law firm BakerHostetler, led by head of its International Arbitration and Litigation team, Mark Cymrot, who has successfully brought numerous matters before ICSID.
Let us know if we can put you in touch with him for more on this evolving clash between a luxury development and its once-supportive host country.
James Bourne & Allan Ripp