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By Mike Fitzgerald |
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January 22,
2002 |
PROJECT'S FINANCING STIRS ALERT; MEETING OF OFFICIALS SOUGHT BY
ALDERMAN
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A published report that the developer behind the Lower Richland
Creek housing project is borrowing money through a bank registered
in the Caribbean island of Grenada has led Ward 6 Alderman Bob
Blaies to call for a meeting of city leaders to discuss its future. |
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Experts on offshore finance warn that the presence
of a Grenada-chartered bank in a deal is an automatic red flag
because of that Caribbean island's notoriously lax bank regulations
and reputation for corruption.
"You could provide fake capital that wouldn't fool a 15-year-old in
the States or any other developed country, but would fool the
regulators in Grenada," said David Marchant,
a Miami-based journalist who edits the newsletter
Offshore Alert. |
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