WILLEMSTAD — The management of ENNIA has mismanaged the insurance company and might even have committed criminal acts, econometrists Servaas Houben and Ronald Ketellapper state in an analysis published by Dick Drayer on LinkedIn. Houben works in the insurance industry in Belgium and Ketellapper is a former manager of Guardian Group Fatum in Curacao, where he was responsible for life, pension and healthcare insurances. Both men reproach the internal supervisor, the board of supervisory directors and the management of the companies of wrongdoing. “Managers and internal supervisors must be honest and have sufficient expertise,” they say. “The same is true…
Author: The Publisher
Dear Editor, Firstly, it’s important to note that the underlying management, supervision, and governance issues are not unique to ENNIA. Curaçao is in dire need of a public financial injection for the Curacao Medical Center. On Sint Maarten, concerns arise regarding NV GEBE, the management of the Old Pension Fund by SZV, SZV itself, and the nearly stagnant hospital project. While many of us may consider it normal to be repeatedly bailed out by the Netherlands, it’s essential to realize that this assistance comes at a cost. The people in the Netherlands also work hard and diligently for their money.…
WILLEMSTAD — Almost twenty years after he became Minister of State for the Netherlands Antilles, Jaime Saleh is under threat to lose this honorary title. Prime-Minister Gilmar Pisas gave the 82-year old former Attorney-General and Governor until September 30 to give it up voluntarily. Otherwise the government will “take the necessary steps to prevent societal escalation around the problems with Ennia.” The interim ruling of the Common Court of Justice of September 12 shows that Saleh, as supervisory director of the beleaguered Ennia Group received almost 3 million guilders for this function between 2008 and 2018. A day later MP…
PHILIPSBURG — St. Maarten performed better than expected in the first half year of 2023, financial supervisor CFT writes in a reaction to the country’s second execution report it received on August 30. This is to say that St. Maarten outdid the projections in its 2023 budget. According to the Cft, St. Maarten ended the first half year with a surplus of 41 million guilders ($22.9 million). “This is the result of higher revenue and lower expenditures,” the Cft wrote. The surplus is 34 million ($19 million) higher than budgeted; revenue is 24 million ($13.4 million) above budget. Expenditures are…
PHILIPSBURG — Telecom operator TelEm has lost its appeal against a decision that orders the company to pay MER St. Maarten BV, a subsidiary of the Israeli MER Group $561.905 and – after the presentation of invoices another $2.67 million. So far, MER has not produced invoices and TelEm therefore refuses to pay. The appeals court for civil affairs handled the dispute between the two companies on May 16 and concluded that there is no reason to suspend the execution of the decision to pay. The relationship between MER and TelEm goes back to June 30, 2017, when parties signed…
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…
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…
