Completion of a draft valuation for Mullet Bay by US experts (see related story) is the latest development regarding the ongoing saga surrounding Curaçao-based Ennia insurance company. Its owner Parman International with Husang Ansary as 77% shareholder is accused of taking too much capital out of the firm, among others replacing it with the beachside property in St. Maarten also held by the group.
This happened even while Ennia was already under heightened supervision by the Central Bank of Curaçao and St. Maarten (CBCS) due to solvency concerns. The two countries of the monetary union and CBCS have since committed to paying millions over the coming years and decades to safeguard the built-up pension rights of thousands of policyholders on both islands.
Meanwhile, the legal battle continues with the Joint Court ordering an independent study because earlier values suggested by litigants were miles apart. Selling Mullet Bay could significantly reduce the amounts of taxpayers’ money that must be spent to resolve this debacle.
When the final estimate is ready and parties give their comments, agreement must be reached between them or a judicial ruling will follow. This is also important for ambitions expressed in St. Maarten to have government buy back and possibly redevelop the land.
As reported in the Friday/Saturday edition of the newspaper, former Ennia CEO Ralph Palm recently lost his appeal against a verdict requiring him to repay in total 3.7 million Caribbean guilders. Considering more related financial claims against Ansary, his daughter and others involved, some of the loot can hopefully still be recovered.
