On the surface, the recent signing ceremony between the Government of St. Vincent and the Grenadines and Global Ports Holdings (GPH) was hailed as a historic “partnership” and a simple Memorandum of Understanding (MOU). However, a closer examination of the rhetoric used by government officials and GPH executives reveals a masterclass in political sleight of hand. Beneath the glossy promises of modernizing the tourism sector lies what effectively amounts to a 30-year corporate takeover of the Kingstown Cruise Port.
The most glaring evidence of this reality came straight from the mouth of GPH Chairman Memet Kutman. During his address to the media and public, Kutman repeatedly slipped up, explicitly referring to his company’s operations as a “takeover” before hastily attempting to walk the term back.
While discussing GPH’s operations in the Bahamas, Kutman stated, “taking over is the wrong word. I shouldn’t be using that. We are just a tenant”. Minutes later, he made the exact same slip regarding another port, stating, “when we took over NASA cruiseport—took over again is the wrong word,” before correcting himself to say they were “awarded the license or the concession”. Despite Kutman’s attempts to reframe the multinational corporation as merely a “tenant,” the agreement locks the Vincentian port into a 30-year concession, ceding operational control of a critical national asset to a privately-owned foreign entity.
To sell the agreement to the Vincentian public, Prime Minister Dr. Godwin Friday and his cabinet heavily promoted the deal’s “commitment to local participation”. Officials boasted that a Special Purpose Vehicle (SPV) will be established to allow Vincentians to invest directly in the port’s operating company.
However, the sleight of hand lies in the percentages. The government noted that locals will only be permitted to hold “up to 30% ownership”. This framing distracts from the mathematical reality: GPH will retain a massive 70% majority stake. This structure ensures that the foreign corporation maintains absolute control over the port’s operations, design, and profits for the next three decades, while offering Vincentians the illusion of control as minority shareholders.
Another tactic used to dazzle the public was the rapid-fire tossing of massive, shifting financial figures. Prime Minister Friday initially announced that the MOU contemplates a phased investment totaling approximately $225 million EC, with Phase 1 accounting for $75 million EC.
Yet, as the press conference continued, the numbers began to fluctuate wildly. Another government official suddenly inflated the figure to a minimum of “$250 million EC”. Kutman then excitedly interjected to claim the number was “300,” before admitting moments later that he gets “mixed up with the EC conversion”. Ultimately, Kutman clarified that the actual investment figures are $20 million and $60 million in US dollars.
This financial confusion is coupled with aggressive pressure from GPH to bypass thorough public scrutiny. While the government claims that local stakeholders, workers, and the wider public “will continue to be engaged” before a final arrangement is reached, Kutman overtly pressured the administration to rush the process. He explicitly warned that “the longer this takes, the more difficult it gets for us to start the investment,” urging a swift move to a definitive concession agreement. The government appears to be bowing to this pressure, confirming their intention to move quickly so work can begin before the start of this year’s cruise season.
Perhaps the most concerning revelation was Kutman’s admission of his broader regional ambitions. Operating a privately-owned empire of 36 to 37 cruise ports globally, Kutman expressed a desire for Eastern Caribbean countries to form a united front—not for regional sovereignty, but so his company could systematically hike passenger charges.
“If they got a loan all together, all of them agreed they could charge $100 to the cruise passengers,” Kutman stated, noting that the cruise lines “will accept that”. This candid moment exposed the underlying profit-driven motive of the corporation, which prioritizes maximizing extraction from the region over the sustainable, measured growth touted by the government.
The government insists this deal will not add to the national debt and will “put more money directly back into people’s pockets” through spin-off activities for taxi drivers and vendors. However, the transcript of the signing ceremony paints a starkly different picture. Through carefully managed talking points, strategic slip-ups, fluctuating investment figures, and a rushed timeline, the Vincentian public is being sold a 30-year corporate monopoly masquerading as a benevolent “partnership”.