Published On: Tue, Oct 24th, 2023

Ennia wants to take the Ansary-dispute to the Supreme Court

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 opinion that the appeals court should have ruled that the contested dividend payments were unlawful and that Ansary and others have to pay back everything.

The appeals court wants to determine whether lower dividend payments would have been justified, based on the true value of Mullet Bay, before its takes a decision about the amount the defendants have to pay back.

Ennia wants an opinion from the Supreme Court about this ruling. If the higher court arrives at a different conclusion it would speed up the procedure.

Ennia and the CBCs have requested a postponement of the continuation of the appeals procedure, reason why the scheduled hearing for Tuesday (October 24) has been canceled. Ansary and other defendants have until October 31 to react to the request for a hearing at the Supreme Court. Apart from Hushang Ansary, the defendants in this case are his daughter Nina, former Ennia-managers Abdallah Andraous, Ralph Palm and Gijsbert van Doorn and Parman International, the Ansary-company that holds the Ennia-shares.

The appeals court will take a decision about the Ennia/CBCS-request next week. In case it is turned down, the appeals-hearing will continue.

Ennia and the CBCS also want a judgment from the Supreme Court about the liability of Nina Ansary, the Stewart and Stevenson transaction and the matter of group liability.


Related dossiers: ENNIA & Mullet Bay