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Jul 10, 2019

Sanctuary Bay Defrauded American Investors Only

Joy Grant

Notwithstanding the Central Bank’s role as the country’s financial regulator, questions are being asked about its apparent lack of oversight in respect of the Sanctuary Bay real estate scam.  When asked about the matter, Governor Joy Grant reiterated that the transaction involved Americans solely and that A.I.B.L. was not necessarily out of line in the manner in which it operated with its clients.


Joy Grant, Governor, Central Bank of Belize

“This was a real estate deal, it wasn’t a banking deal and this was between Americans and Americans, so we don’t go in to a bank in our reviews looking or did we find any such fraud.”



“Is it not clear from the record, and I have not seen the unexcavated record, I only know anecdotally, is it not apparent that the A.I.B.L. was operating a bit fast and loose insofar as they were taken accounts from persons within Belize which perhaps would not have been the prescribed course of action and their portfolio was expanding very quickly and perhaps unsustainably?”


Joy Grant

“No, I would not say that.”

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