On 18th April 2012, the Government of St.Kitts and Nevis (the Government) and the St. Kitts-Nevis-Anguilla National Bank Limited (the Bank) entered into an arrangement to expunge the Government’s debt to the Bank through a land for debt swap by way of Heads of Agreement (The Agreement) signed then.
The two parties jointly set up the Special Land Sales Company (St. Kitts) Limited (SLSC) – fifty percent owned by each party.
On 4th October 2012, the National Assembly passed the St.Kitts-Nevis-Anguilla National Bank Limited (Vesting of Certain Lands) Act 2012 purporting to transfer 1200 acres of land in five locations namely: Brighton, Lodge, Stonefort, Lamberts and Bourkes/Farms Estates to the Bank.
In addition two other land swaps formed part of the Agreement : 496 acres called La Vallee in Sandy Point and about 25 acres of land at Potato Bay , Frigate Bay .
The purpose of the Special Land Sales Company (St.Kitts) Limited is to dispose of these land parcels by sale in order to monetise these assets.
The Company was incorporated on the 5th day of April 2012 as a private Limited liability company.