In April 2019, Alki and Chase announced that they had formed SwissX, a consortium which specialises in CBD medicines and hopes to develop the legal cannabis market in eastern Caribbean nations such as St Kitts and Nevis, Dominica and Antigua.
He was arrested along with his business partner and billionaire, Chase Ergen.
Mr Ergen, chairman of satellite giants Dish Network and EchoStar, has also been arrested by the St Christopher and Nevis Police Force after being found with medicinal ketamine and remains locked up.
The heir to the Coca-Cola fortune had travelled to the Caribbean Island with Irish actor Jonathan Rhys Meyers, before his private jet was searched by customs.
"Jonathan Rhys Meyers' mother-in-law and wife were cavity searched".
The media were barred from entering the court building and some media houses here are reporting that David's lawyers were seeking an urgent sitting of the High Court.
Multiple reports state that Alki was arrested by the Anti-Narcotics Unit at the Robert L. Bradshaw International Airport, days after the plane had landed, when him and his entourage tried to leave the island.
Lane and the "London Town" star reportedly flew to St. Kitts with David on a private jet. Along with that, the billionaire had to surrender his travel documents to authorities.
David and Ergen were both arrested at the airport when their negotiations with Prime Minister Timothy Harris broke down.
Businessman Alkivaides "Alki" David speaks at press conference on Monday while Leader of the Opposition Dr. Denzil Douglas looks on. "He is going into his second night behind bars", said David.
He is expected to next appear at the Basseterre Magistrate Court on Tuesday.
The statement quoted Prime Minister Harris as saying recently that "non-nationals would not be permitted to secure advantages over nationals of our Federation as we set about to build out a marijuana industry".