NewsNIC Says It Never Sold Land to Cabot

St. Lucia News OnlineJuly 4, 202214322 min

The National Insurance Corporation (NIC) says it never entered a deal with Cabot Saint Lucia for the sale of land, as indicated by a local newspaper article last weekend.

In a statement published this weekend, the NIC said: “NIC did not, at no point, entered into a deal with Cabot Saint Lucia for the sale of land.”

In clarifying the nature of the relationship between itself and Cabot, an NIC statement said, “NIC’s only involvement, as far as Cabot Saint Lucia is concerned is a loan NIC provided in the sum of EC$27 million which was in line with NIC’s investment policy.” While the Investment Guidelines of the NIC allowed for such a direct relationship with a private entity, there has not been any precedence for it.

The brief statement sought to remind the public that the NIC’s relationship with Cabot ended when, “on 27th March, 2021 NIC received EC$29.4 million from Cabot Saint Lucia which represented full repayment of the loan and interest accumulated of EC$2.4 million.”

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