Just three days after Montenegro elected its 44th government on November 3, 2023, the United Arab Emirates-based Bemax LLC, led by Aleksandar Mijajlović, signed a contract with the Government of Saint Lucia to build a residential and commercial complex in the Caribbean. The timing is striking and raises the question of whether this deal was simply a lucrative investment or a carefully crafted plan B at a time of political change in Montenegro?
This was announced today by Democratic Party MP Momčilo Leković.
"Caribbean passport as plan B? What is behind Aco Mijajlović's multi-million dollar deal concluded three days after the election of the new government?" Leković said in a statement.
According to him, the contract shows that this is not a classic construction project.
"Bemax has committed to building 66 apartments, 14 business units and an accompanying recreational space in Castries, on the site of a former school. The value of construction work and project management is estimated at around $25 million, but the key to the deal is not in selling apartments on the market. The project is financed through the economic citizenship program - Citizenship by Investment (CIP) - which allows foreign citizens to obtain a passport of the small Caribbean country, Saint Lucia, through a donation to the state," said Leković.
He added that, according to the contract, Bemax does not return its money by selling real estate, but exclusively through 628 successful CIP applications.
"Each of these applications carries $100.000 for an individual, or $150.000 for a family application. Calculated in real terms as applicable in these programs, the total inflow for the project ranges between $78 and almost $90 million. When all real costs, namely construction, management, marketing, commissions to CIP agents and administration, are subtracted from that, a potential profit of $30 to even $50 million remains," Leković pointed out, adding that this makes the deal among the most profitable arrangements Bemax has ever had, with minimal market risk.
He added that money is not the only thing these projects offer, and that CIP programs have long been used around the world as an instrument of personal and political security.
"The new passport does not erase criminal liability, but it provides alternative jurisdiction, mobility and the ability to move family and capital out of a country where political or judicial risk is increasing. The Saint Lucia passport offers visa-free travel to over 130 countries, including China and Russia. The Saint Lucia CBI program also offers the ability to include dependents such as spouse, children and parents, making it an excellent option for families seeking a second citizenship," he said.
In this case, as Leković said, additional weight is given by the fact that Mijajlović was later arrested in Montenegro and that he publicly admitted that he financed opposition parties and part of the media, claiming that he was a victim of political persecution.
"Formally, citizenship of Saint Lucia is granted exclusively by the competent state unit and each candidate must pass security and financial checks. However, the essence of the CIP model is that the developer controls the flow of applicants, i.e. selects agents, promotes the project and decides who will even be in a position to apply through "his" project. Therefore, the question legitimately arises whether this business was conceived only as a profit machine or as a mechanism for providing dual citizenship to people from Mijajlović's business and political circle?", Leković stated in a statement.
He pointed out that, in this context, issues concerning ties with the Montenegrin political elite are particularly sensitive.
"Whether the Caribbean project could have served as a discreet channel for "securing" friends, associates or political allies is a question that the public has not yet answered, but which, given the construction of the deal, cannot be declared unfounded. In the end, the question that Mijajlović himself raised with his public appearances remains: who exactly are the media and opposition parties that he financed? What was the scope of that financing? And is the money that circulated through the political and media scene of Montenegro connected to the same international capital flows that led to the Caribbean?" said Leković.
According to him, this contract exposes a model in which huge profits, citizenships, political influence and carefully chosen timing are combined in one arrangement.
"The key question is no longer what is written in the contract, but who was supposed to go through it. Who are the people for whom this project was a one-way ticket? Who are the politicians, friends, financiers and media allies who were, perhaps, promised a new identity far from Montenegro? And why was all this kept quiet while millions were already on the move?" Leković concluded.
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