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Jun 21, 2019

Sanctuary Bay – A Cadaver Investigated by FTC

Kareem Musa

A thorough investigation into the real estate swindle that was Sanctuary Bay is being undertaken by the Federal Trade Commission, an independent arm of the U.S. government tasked with providing and promoting consumer protection.  The scam in which American investors lost over a hundred million U.S. dollars was perpetrated in Belize through Atlantic International Bank Limited and has been described as the largest real estate fraud in U.S. history.  But as the probe continues, additional information is being uncovered, including the purported involvement of the prime minister’s law firm in incorporating the venture, as well as providing legal representation for its principals.  In the house this afternoon, Caribbean Shores Area Rep Kareem Musa took aim at the PM and accused him and his family of collecting huge legal fees from Sanctuary Bay.  The charge undoubtedly led to a back and forth between the PM and Musa.


Kareem Musa, Area Representative, Caribbean Shores

“This Sanctuary Bay saga is much bigger than just a real estate scam, Madame Speaker, because it no doubt is yet another dagger, another lethal blow to the financial sector of our country.  It is coming on the heels because for the last four years this government and this country has been faced with many crisis in the financial sector, starting with the loss of correspondent banking, followed thereafter by being blacklisted by the E.U., followed by the loss of the license for Choice Bank and now Atlantic International Bank.  So we’ve had a lot of hits, Madame Speaker, when it comes to the financial sector and this Sanctuary Bay saga has had a ripple effect and has no doubt caused a major dent for our country.  But Madame Speaker, the Sanctuary Bay saga also represents the dangerous, incestuous intersection of U.D.P. politics with U.D.P. business and international fraudsters.  At every turn, Madame Speaker, we have the Barrow families, and I will say Barrows because it’s more than just one.  Their tentacles are deeply hooked indiscriminately sucking up the fees from every possible source, and I am talking about the legal fees.  The Sanctuary Bay saga, like all other scandals and sagas that have negatively impacted our country, all have the same outfit, the same modus operandi and this one is no different Madame Speaker.  When these international fraudsters first came to Belize, who do you think they went to, to form and incorporate their companies?  They went to the law firm of Barrow and Williams.  And who did they go to Madame Speaker, to get the legal assistance in order to acquire the same real estate that would then be used as the engine of this fraud.  Yes Madame Speaker, they used the law firm of Barrow and Williams.”

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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