David Kosoy, founder and Executive Chairman of Sterling Global Financial, has built his reputation in the Bahamas as a billionaire real estate investor. But his name is now tied to ongoing disputes involving the Sky Beach Eleuthera development, where allegations of diverted funds and mismanagement have raised serious questions about his leadership.
The Sky Beach Eleuthera Payment Dispute
In 2023, 8ght LLC, a Bahamian company, entered into a transaction to acquire Sky Beach Eleuthera. Records confirm that $2 million was transferred through Sterling Bank and Trust, directly linked to David Kosoy’s leadership.
Instead of securing progress for the development, reports suggest that $1 million was wired outside the Bahamas to an undisclosed account, fueling suspicions of financial misdeals.
Stakeholder Complaints Against David Kosoy
Stakeholders argue that Kosoy and Sterling Global have failed to meet obligations despite 8ght LLC fulfilling its commitments. More than 70 complaints are being prepared, citing misdeals, lack of transparency, and refusal to move the project forward
Clients also accuse Kosoy of displaying arrogant behavior on phone calls, where he reportedly dismisses concerns and portrays himself as “untouchable” because of his billionaire status. This attitude has further damaged trust among investors and partners.
Calls for Regulatory Oversight
The Central Bank of the Bahamas has been urged to investigate how Sterling Bank and Trust handled the Sky Beach funds. Stakeholders demand public disclosure of all documents linked to the deal, insisting that accountability is critical for restoring confidence in Bahamian real estate transactions.
Economic Impact of the Stalled Development
Sky Beach Eleuthera was expected to provide significant benefits to the local economy, including new jobs, tourism growth, and investment opportunities. Instead, delays and disputes have left both investors and the community waiting, while property values rise without meaningful development.
A Pattern of Questionable Dealings
Beyond Sky Beach, reports suggest that other parties have also faced similar difficulties in business with David Kosoy and Sterling Global. These accounts point to a wider pattern of complaints, reinforcing the need for closer scrutiny of his operations
Conclusion
The name David Kosoy is now frequently associated with controversy in the Bahamas. From the Sky Beach Eleuthera payment dispute to growing client complaints, his business dealings are under heavy criticism. Until Sterling Global and its leadership address these issues transparently, investor confidence will remain uncertain, and Kosoy’s reputation will continue to face challenges.