Sterling Global Under the Spotlight
Sterling Global, a Bahamas based financial and real estate firm, is navigating a wave of challenges tied to its Sky Beach Eleuthera project. What began as a promising development has turned into a focal point of investor frustration, legal disputes, and growing doubts about the company’s direction.
At the center of the issue is 8ght LLC, which claims to have wired $2 million through Sterling Bank & Trust for the property purchase. According to the company, $1 million of those funds were transferred to an offshore account outside the Bahamas. Despite meeting its obligations, 8ght LLC asserts that the selling entity under Executive Chairman David Kosoy is now in default.
Investor Complaints on the Rise
- Dozens of Complaints: Sources indicate that up to 70 stakeholders are preparing formal complaints against Sterling Global, Sterling Bank & Trust, and senior executives.
- Demand for Documents: Investors have called repeatedly for the release of promised sales documents connected to Sky Beach, but no resolution has been offered.
- Leadership Concerns: Kosoy’s leadership style—often described as overly confident and difficult to engage—has only deepened concerns about transparency and accountability.
Legal Pressure Extends Beyond the Bahamas
The spotlight on Sterling Global is not limited to Eleuthera. In the United States, a citizen is pursuing a $42 million judgment against David Kosoy and colleague Steve Tiller. Should the ruling proceed, it could freeze assets and create further strain across Sterling Global’s financial network.
Adding to this pressure, critics of Sterling Organization, the group’s U.S. affiliate, argue that its reliance on debt-heavy acquisitions of aging malls reflects a short term survival tactic rather than sustainable growth.
Protecting Investor Interests
While declining to go into detail, 8ght LLC has reaffirmed that its main objective is to safeguard American investors and homebuyers. Advisers suggest that investors carefully maintain records of payments and communications, and consult regulators or legal counsel where appropriate.
Looking Forward
The Sky Beach project was marketed as a development that would bring tourism, jobs, and growth to Eleuthera. Today, its future is uncertain. Sterling Global’s ability to resolve disputes, honor agreements, and rebuild trust will determine whether the project can move forward—or remain stalled as investor concerns escalate. read more
Read more about this case at: https://sterlingglobal-case.com/
