Published On: Sun, Oct 22nd, 2023

Mullet Bay sale intended to cover Sun Resorts-debts

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 – to discuss the intended sale.

Irion emphasized that Mullet Bay is in the hands of a private entity but that the Sun Resorts management will keep the government informed about any sale.

The resort has put up a parcel of a bit more than 11,000 square meters for sale, though it reserves the right to refuse any offer and thereby stop the sales-process.

See related article: Small part of Mullet Bay up for sale

Mullet Bay is on the balance sheet of insurance company Ennia for an amount that does not represent its true value. The court in Curacao established the emergency measure for Ennia in July 2018, thus placing the Central Bank of Curacao and St. Maarten (CBCS) in control of the company.

When a new appraisal of the property was conducted at the request of the CBCS, it appeared that the value of Mullet Bay is not $460 million (as Ennia’s balance sheet suggested) but just $50 million. The appraisals are a bone of contention between Ennia’s majority shareholder Hushang Ansary and the Central Bank.

Ansary pumped up Mullet Bay’s value and put it on Ennia’s balance sheet to make the company look financially healthy – on paper.

Related article: Appeals court holds Ansary liable for Ennia debacle

In reality, it appears from court cases that Ansary robbed Ennia blind. In September, the appeals court in Curacao held him and others liable for the repayment of at least 153.8 million guilders ($85.9 million) in damages caused to the company

The bidding process for the part of Mullet bay that is now up for sale ought to give an indication of the property’s current market value.


Related articles:
Small part of Mullet Bay up for sale
PAR wants to force Ennia-prosecution with Article-15 procedure
Central Bank to discuss details of Ennia-solution