PHILIPSBURG — St. Maarten will issue a bond loan of 60,854,000 guilders against 3.4 percent interest on November 10. The duration of the loan is 20 years. The subscription to the loan opens on November 2 for the Dutch Agency of the General Treasury. The public will have until Friday November 3 at 10 a.m. to subscribe via all commercial banks in Curacao and St. Maarten. After the subscription closes the Central Bank of Curacao and St. Maarten (CBCS) will announce the issue price. Parties that subscribed above the issue price will receive their full share. The remaining amount of…
Author: The Publisher
WILLEMSTAD — Ennia and its supervisor CBCS want a ruling from the Supreme Court in The Hague about the dispute with Ennia’s majority shareholder Hushang Ansary and others, the Antilliaans Dagblad reports. In an interim ruling dated September 12, the appeals court held that Ansary is liable for the payment of 250 million guilders ($139.6 million) in damages. An earlier court ruling mentioned a liability of more than a billion guilders but the appeals court ruled that, to determine the exact damages, requires an appraisal of Mullet Bay in St. Maarten. Ennia and the Central Bank (CBCS) are of the…
PHILIPSBURG — The intention to sell a small part of Mullet Bay aims to cover “huge debts” at its formal owner Sun Resorts, Minister of Finance Ardwell Irion said at Wednesday’s press briefing. Irion said that the proceeds of the sale are earmarked for funding the operations of Sun Resorts on Mullet Bay. The Sun Resorts-debts are due to unpaid taxes, social premiums, insurances, consultants and utility bills. The previous management of the resort failed to pay these dues. Together with Prime Minister Jacobs, Minister Irion met on Tuesday with Sun Resorts’ current management – Geomaly Martes and Mike Alexander…
WILLEMSTAD — Opposition party Partido Alternativa Real (PAR) wants to start an Article-15 procedure to force the Prosecutor’s Office to prosecute those who are responsible for the damages inflicted on insurance company Ennia. Party leader Quincy Girigorie confirmed this initiative to the Antilliaans Dagblad. Girigorie is a jurist and was minister of justice in the previous government. According to the prosecutor’s office a criminal investigation started some time ago but it has not been completed yet. The investigation is conducted by the Detective Cooperation Team (RST) under the responsibility of the Central Team of the prosecutor’s office. The Central Bank…
BIRMINGHAM, ALABAMA — More than eighteen years after her disappearance, Joran van der Sloot confessed to an American judge that he killed 18-year old Natalee Holloway on May 30, 2005 on a beach in Aruba. The confession is part of a plea deal. In 2010, Van der Sloot extorted money from Holloway’s mother Beth in exchange for information about what happened to her daughter. His information was bogus and on June 10, 2010, he was indicted on charges of extortion and wire fraud. His confession to the extortion and to the murder gave Van der Sloot a reduced sentence of…
Dear Editor, There’s much concerns within the community regarding the government proposed National Health Insurance (NHI), new name, Sustainable Affordable Health Care Act (SAHA). What is baffling is that the public as well as stake holders have no clue what this health care act or system is all about. Despite that the Minister attempted to gave an explanation in parliament Reports indicate that the Union was given a copy of the the NHI health care act, and was privy to a presentation. So far, it can be noted that the NHI/SAHA contents (112 pages document) are not in the public…
An everlasting phenomenon is that new entrepreneurs are confronted with the bottlenecks of finance assistance. A business plan is required to illustrate the idea, and the envisioned financial benefits of the new commercial venture. The bottlenecks:When a business plan is developed it gains a very general characteristic in regards to the operation. It outlines the objectives on short and medium term goals with the hypothetical measurement on how to achieve the set goals. If the financial institution does not feel at ease with the outlined “success keys” in the presented report or possible overinflated figures, it is subject to dismissal…
Dear Mr. Editor, Please allow me some space in your newsletter to comment on the Press Release as issued by the National Alliance for the anniversary of 10-10-10. This Press Release appears to have come about as a response to the many allegations circulating on social media. These allegations refer to the many conflicts of interest that are plaguing the present Government of Sint Maarten and by extension the inhabitants that government is called to serve. Allow me first to remark that as a voter who in the last election voted for the National Alliance, I found the tone to…
A report from our Correspondent PHILIPSBURG — Long after problems started piling up for Carbon Acquisition Group (CAG) doing business as Melbon Enterprises NV, and media reports surfaced about the Court ruling in favor of clients who demanded delivery of apartments or deposits to be returned to them, several real estate agents on St. Maarten kept advertising Carbon Grove residences. Marketing and sales continued while the hillside plot and all structures on it were encumbered with mortgage from CIBC FirstCaribbean International Bank. The first sales agreements for apartments and townhouses in Carbon Grove in Cole Bay were signed in 2016. …
PHILISPBURG — St. Maarten gets its liquidity loans refinanced against 3.4 percent interest while Curacao, that has refused to accept a Dutch loan to solve problems at insurance company ENNIA, will have to pay 5.1 percent. Aruba, that so far has refused to accept a law that regulates financial supervision, will have to pay 6.9 percent. This appears from a letter State Secretary Alexandra van Huffelen (Kingdom Relations) has sent to the Dutch parliament. “Ennia’s deficit has increased to 90 percent of the so-called technical provisions and acute liquidity problems are looming,” the letter states. “A solution in the short…
