The passing of Hushang Ansary (see related story) ends an era of close involvement with the former Netherlands Antilles. In 2006 his Parman Group acquired Ennia.
However, under their ownership the insurance provider was rapidly stripped of funds, a process that later led to widespread complaints about mismanagement and serious concerns over the company’s solvency. In 2018, the Central Bank of Curaçao and St. Maarten (CBCS) intervened and placed Ennia under emergency supervision.
Regulators concluded that Ansary along with former directors and his daughter had extracted approximately a billion guilders from the insurer, severely undermining its financial position and putting pension policyholders at risk. Following lengthy legal proceedings, the court in Willemstad ruled that Ansary was liable for the damage caused. He was ordered to repay the amount mentioned to the company, but appealed.
Several decades ago, Ansary had come into contact with St. Maarten, where he became the owner of Mullet Bay Resort. After being severely damaged by Hurricane Luis in 1995, it was not rebuilt despite the developer collecting insurance coverage monies and 10 years of litigation with mostly American individual unit owners followed.
The latter ultimately settled for a fraction of the original purchase price, but the vast beach-front property with a golf course remained in Ansary's hands. It was Ennia’s most important asset during the company’s takeover.
A final ruling in this matter has not yet been issued, partly because the real value of Mullet Bay still needs to be determined. The governments of Curaçao and, to a lesser extent, St. Maarten as well as CBCS meanwhile agreed to make many millions available over the next few decades to safeguard the rights of thousands of pensioners in the two Dutch Caribbean countries.
The meaning of Ansary's death for the Ennia case remains to be seen, but one must not forget either what Mullet Bay Resort during its heydays meant for St. Maarten in terms of employment and growth of the island’s tourism economy. In addition, his support to University of St. Martin (USM) was important for advanced local education.
As with every deceased, the full story should always be told, including the good, the bad and the ugly.
