Rethinking the ENNIA Bailout: Say NO to the Loan
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 should then take charge of the bailout process, using ENNIA’s shares (including assets like the Mullet Bay property) as collateral or entrusting them to the Dutch government as collateral until the loan is repaid.
It is essential to emphasize that there is no valid reason for these funds to be extended as a loan to St. Maarten and Curacao. These countries neither bear nor bore any liability for the bailout of ENNIA. The responsibility for granting ENNIA insurance and banking licenses and ensuring proper supervision squarely rests with the Central Bank, not the countries or their taxpayers, both now and for future generations. It is imperative that accountability is placed where it truly belongs – with the Central Bank and those overseeing ENNIA’s operations.
Terrance Rey
Publisher
StMaartenNews.com
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