KLEPTIK today publishes One True Blue Beach – The Money Trail and the Whistleblower, a new investigation examining the financial decisions, regulatory safeguards and alleged response to disclosures surrounding Grenada’s Hilton-branded One True Blue Beach development.

The report follows Golden Coast Limited, the project company, and the account of former investment manager Jerelle Jules, who alleges retaliation after raising financial and construction concerns. It examines developer Oleg Khomenko’s corporate interests, transactions involving shareholder Christian Cesario, and a financing agreement naming Luxembourg-based Goldberg Securitization S.A.

At the centre of the investigation is a financial chronology drawn from records KLEPTIK states it has reviewed and verified. These include an April 2026 Investment Migration Agency email refusing to recognise US$300,000 as developer equity, a May notice identifying a US$475,446 equity shortfall, and subsequent bank debit alerts recording US$300,000 and US$400,000 in payments to Cesario.

The report asks why the company authorised an unsecured shareholder loan following the identified equity shortfall, what corporate benefit it expected, and which restrictions governed the use of project funds. The two debits represent US$700,000 in transaction volume; they do not, by themselves, establish investor losses or identify the original source or ultimate use of the money.

The Luxembourg inquiry examines a June loan agreement naming Goldberg Securitization S.A. and ISIN CH1108675757. It distinguishes that transaction from Cesario’s separately documented founding shareholding and directorship in CCM FINANCE S.A. The report explains why a debt balance recorded by one company cannot establish the financing position of another issuer or prove that a particular bond subscription was completed.

Alongside the financial records, the investigation examines Jules’s account of his departure from the company and Grenada. Jules says he raised a formal grievance, approached the Ministry of Labour and witnessed an officer telephone Prime Minister Dickon Mitchell. He alleges that advice to keep the dispute private was subsequently relayed to him. He also says a prosecution contact later told him that Mitchell & Co., acting for Golden Coast, had approached police concerning company documents.

The report distinguishes what Jules says he witnessed from information relayed to him. It has not independently established a police complaint number, charge or prosecution decision. Allegations of retaliation and improper political coordination remain unresolved.

Mitchell’s founding relationship with Mitchell & Co. raises further questions about his current interests, the firm’s representation of the developer and safeguards separating public responsibilities from private legal business. The report does not establish that Mitchell directed a prosecution, received project payments or agreed to defraud investors.

Construction oversight forms another part of the inquiry. The report identifies engineering reports and supporting materials relevant to concerns described by Jules, including an alleged outstanding retrofit recommendation. It asks what concerns were notified, what corrective work was required and what independent certification would establish that those concerns had been resolved.

The investigation also examines the limits of the Hilton branding. The project’s disclaimer states that Hilton does not own, develop or sell the project and provides no project guarantees. The report identifies no documented basis to conclude that Hilton authorised the disputed payments or knowingly ignored defects.

KLEPTIK calls for disclosure of the records needed to resolve these questions: complete account statements, executed financing agreements, board decisions, regulatory approval conditions, construction assessments, repair certifications and any official complaint or charging records.

As of publication, the report states that no responses from the principal subjects had been received for inclusion. No inference of wrongdoing is drawn from that absence. Substantive responses and material new evidence will be assessed for publication.

The investigation follows Sequence One: The Architecture of Power, moving from the broader relationships between public authority and private investment to the decisions surrounding a specific development.
Read the full report: https://www.kleptik.com/investigations/grenada-files-one-true-blue-beach

About the Grenada Files
The Grenada Files is an ongoing KLEPTIK investigation into political finance, public authority, investment and private interests in Grenada. The series distinguishes documented facts from attributed allegations and unresolved questions.

About KLEPTIK
KLEPTIK is an investigative intelligence newsroom covering corruption, kleptocracy, illicit finance, sanctions evasion and market fraud. Its website identifies the publisher as the Global Corruption Investigative Reporting Project (GCIRP). Its stated mission is to trace money and power across borders through public records, court filings, corporate information and original reporting. Its published editorial standards distinguish established facts from allegations, call for corroboration and provide for a meaningful opportunity for named subjects to respond.

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