Marcus De Freitas says he never received 4.7 million from St Vincent government.
On or about January 8, 2025, in the House of Parliament, the Prime Minister stated that the Government of St. Vincent and the Grenadines paid my Company – De Freitas Investment Holdings Limited (Marcus De Freitas)- 4.7 million dollars for three properties located Murray Road, Kingstown vested in the Company, which was acquired by the Government under the Land Acquisition Act. Since this claim was widely reported in the media, I, Marcus De Freitas, managing director of the company, is duty bound to refute the Prime Minister’s statement not only for myself but on behalf of all those persons who supported me over the years and the public at large.
I, categorically state that the Prime Minister’s utterance is very far from the truth in material respects. I further state that the Government only paid $3,743.785 and NOT $4.7 Million Dollars. Since there is a variance of approximately $1 Million Dollars between the Government’s Position and my Position, the Government should provide ALL evidence of payments to my Company, and the public.
Here is the factual matrix relative to payments received:
- On OR about January 2005, the Government paid my bankers $1,743,785 on behalf of the company in order to convey the properties to the Government.
2. On OR about June 30, 2022, the Government made a payment of $1 Million Dollars to the Company.
3. On OR about September 5, 2022, the Government made a payment of $500,000.00 Dollars to the Company.
4. On OR about February 20, 2024, the Government made a payment of $500,000.00 Dollars to the Company.
5. Based on the above payments, any reasonable person would conclude that the Government only paid $3.7 million dollars and NOT $4.7 million dollars as asserted by the Prime Minister.
Background to the matter:
1. The Government acquired the three properties on or about June 18, 2004, and this was published in the Gazette on or about June 29, 2004 – over 20 years ago.
2. The Government valued the three properties at $1,743,785, almost exclusively equal to the mortgage loan balance.
3. The company disagreed with the Government’s valuation and made its case before an established Tribunal, headed by the late Lordship the Judge Bruce-Lyle and other members that included the late John Thompson, representing the Government and Mr. Greg McCleod representing the Company.
4. The Hearing took place in March 2007 and the Tribunal’s decision/ORDER was issued in November 2007.
5. The Order required the Government to pay the Company approximately $4.1 Million Dollars, inclusive of the value of the properties and about $370,000.00 for loss of business profits, plus $20,000.00 for cost.
6. The Order also required the Government to pay 5% interest, effective November 2007, on the unpaid amount until the Judgement debt is liquidated.
7. As a rule, with regards to a debt obligation, the hitherto cash installment payment of $2. Million dollars, we applied to the accrued interest in this circumstance. The unpaid principal debt is $2,357.00 plus interest to date.
8. The Government appealed the Tribunal’s Order to the High Court on the Primary Ground that the Tribunal failed to allow Mr. Adolphus Ollivierre, the Chief Surveyor, to respond the Valuation Report issued by Mr. Stanley Defreitas of DEFREITAS & ASSOCIATES – Chartered Accountants.
9. Mr. Adolphus Ollivierre was found not to be credible by the Tribunal and this fact was so stated in the findings of the Tribunal and perhaps this could have been the reason why the Tribunal did not see it fit for his rebuttal of Mr. Stanley Defreitas evidence.
10. I am now paraphrasing the findings of the High Court in respect the hitherto Appeal.
The High Court at its hearing, the Chairman of the Appeal panel , in her address to Mr. Richard Williams, Attorney for the Government, made three statements all beginning with the words “YOU WILL AGREE” that since Mr. Marcus Defreitas has been waiting for a very long time, the matter could be easily settled by recalling the Tribunal to address the Primary Ground for the appeal BUT the Government refused this approach and demanded a redo of the Tribunal – in other words – the establishment of a new Tribunal to retry issues that were already ventilated and resolved, except for the said Primary Ground for the appeal.
CONCLUDING REMARKS
It is important to state that while the Government paid $1.5 million in 2022 and $500,000.00 in 2024 these monies were credited to interest. According to the Judgement Order rendered by the Tribunal the Government still owes my Company $2,357,000.00 plus interest.
It is important to note the timeline between the Government’s acquisition of the properties of Defreitas Investment Holdings Limited, and when they made the first payment to the Bank in January 2005; and also, the dates of the other three payments, June and September 2022 and February 2024.
