By Hilbert Haar The prime minister listening to his own fairy tale. That is how comedian Wim Kan once described the traditional speech by the Dutch Queen (at the time) during the opening of the Dutch parliamentary year. Why does the speech Governor Ajamu Baly made during the opening of St. Maarten’s parliamentary year triggers this association? I think this is because the speech contains a lot of wishful thinking. That is not the governor’s doing, because he is only presenting what the government has told him it intends to do during the parliamentary year. But yeah, we all know…
Author: The Publisher
PHILIPSBURG — “Sint Maarten still faces significant challenges. It is vulnerable to external shocks like natural disasters and to a global economic downturn,” Governor Ajamu Baly said in his speech during the opening of the new parliamentary year. The Governor presented a plethora of projects the government intends to complete during the year. Among them are attempts to diversify the economy. Those attempts will focus on renewable energy, information technology and agriculture, the governor said. “The government plan to continue the strategic leverage of the orange, the green and the blue economy.” An orange economy (also known as the creative…
THE HAGUE — If Curacao continues to object to the rescue plan for Ennia’s pension fund it could have dire consequences for St. Maarten, DossierKoninkrijksrelaties.nl reports. If Curacao does not cooperate, St. Maarten will be confronted with a higher interest rate for the 1.1 billion guilder liquidity loans it received during the COVIF-19 pandemic: 6 to 8 percent instead of 3.1 percent. The issue came up during a debate with the parliamentary committee for Kingdom Relations with State Secretary Alexandra van Huffelen. The Netherlands has opted to put the Ennia rescue plan in an agreement between Curacao, St. Maarten, the…
WILLEMSTAD — The Common Court of Justice ruled on Tuesday that insurance company Ennia is entitled to at least 153.8 million guilders ($85.9 million) in damages, caused by its major shareholder Hushang Ansary and others. The case will be back in court on October 24, after parties have agreed on the appointment of an appraiser who will have to settle the dispute about the true value of Mullet Bay. The pivotal role of Mullet Bay in the trial has to do with its much disputed value and its consequences for the financial position of Ennia. Among the charges against Ansary…
Dear Editor, In June of 2023, State Secretary Van Huffelen stated that the Governments of Curacao and St. Maarten would have to find solutions to salvage Ennia. Shortly thereafter, Pro Soualiga kindly requested the State Secretary to provide the Government of St. Maarten with a sound legal basis whereby a government is fiscally responsible for the financial irregularities of an insurance company. How is the Dutch State currently legally offside on three varying fronts in relation to the Ennia ordeal? Firstly, the Dutch State declared to the International Court of Justice in February of 2018 that “the decisions on the…
I firmly believe that when it comes to the bailout of ENNIA by the Dutch government, the involvement of St. Maarten and Curacao should not be a part of the equation. The responsibility for overseeing and supervising ENNIA , a private and commercial entity, primarily falls on the Central Bank (CBNA & CBCS), and those responsible for this oversight should be held accountable for their lapses. Instead of involving the countries directly, I propose that the Dutch government should provide the necessary funds, whether in the form of a loan or grant, directly to the Central Bank. The Central Bank…
PHILIPSBURG — If the Netherlands decides to extend a 1.2 billion guilders loan to St. Maarten and Curacao to save insurance company ENNIA, it will have dire consequences for the future of in particular Curacao. This appears from the confidential advice of financial supervisor CFT that has been made public by State Secretary Alexandra van Huffelen (Kingdom Relations). The Ennia-loan has become an issue in the debate about the refinancing of the liquidity loans St. Maarten and Curacao received during the corona pandemic. To qualify for a low interest rate of 3.1 percent, the countries have to come up with…
By Hilbert Haar I am not an accountant and not a financial wizard, so I share my thoughts with our readers about rather diffuse topics like debts and refinancing on a personal title. The Netherlands loaned St. Maarten 316.4 million guilders ($176.8 million) during the course of the corona-pandemic. Those loans have to be paid back in October but it goes without saying that the country does not have that kind of cash to spare. The solution seems so simple: refinance the bloody lot and everybody can sleep peacefully again. Really? State Secretary Van Huffelen has made a seemingly attractive…
PHILIPSBURG — State Secretary Alexandra van Huffelen is prepared to refinance the liquidity loans for St. Maarten Curacao and Aruba if the islands meet “country-specific conditions,” it appears from a letter she sent on August 25 to the Dutch Second Chamber. To refinance the liquidity loans the countries received, Van Huffelen offers a 20-year annuity loan. The interest rate depends on the interest the Netherlands has to pay and on complying (or not) with “country-specific conditions.” If the countries meet all conditions, the interest rate will be 3.1 percent; if they are still negotiating a deal, the rate goes up…
PHILIPSBURG — If the Dutch parliament agrees, insurance company ENNIA will be saved with a 600 million euro loan from the Netherlands. But not everybody is happy with this solution. The deal is that St. Maarten and Curacao extends this loan to ENNIA. If the company for some reason defaults on the loan, both countries will have to deal with the consequences. There were quite some media reports about the ENNIA-saga after State Secretary Alexandra van Huffelen announced her intention to extend the 600 million-loan to save ENNIA, and not all of those reports were accurate. The Central Bank of…
