Grenada Hit With Claim Over Stymied Luxury Condo Project
By Caroline Simson (June 17, 2021, 7:56 PM EDT) -- A real estate developer has accused Grenada of spooking investors into cutting the funding for a five-star condominium resort that will overlook the country's celebrated Grand Anse Beach by raising allegations that the funds for the project, obtained through a government program, have been misused.
True Blue Development Ltd. argued in a request for arbitration filed before the International Centre for Settlement of Investment Disputes on Thursday that the Grenadian government had effectively "starv[ed]" it of its main source of funding for the project, which is nearly completed, after questions arose as to how the funds from the government's Citizenship by...
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