Health Minister Emil Lee, St. Maarten Medical Center (SMMC) and Social and Health Insurances SZV have assured the public that the new hospital will continue to be built and no money will be lost due to the financial problems facing Italian main contractor INSO and its parent company Condotte d’Acqua. That doesn’t mean there’s no reason to be concerned, because delays or even a change of contractor are not excluded.
Condotte is under extraordinary management, as are the other two top three construction firms in Italy, with administrators to preserve their value and take decisions on properly restructuring the debts but also how to continue with income-generating projects like the future St. Maarten General Hospital.
That Member of Parliament (MP) Rolando Brison conducted his own investigation is in principle commendable. Elected representatives especially in the opposition benches should do more research and make inquiries into relevant issues as part of their role to control government rather than just grandstand or blame the media at meetings.
The US Party member said Condotte’s debts total US $833 million with $6 billion in order backlogs and only $233 million in assets. To put that in perspective, the company’s annual turnover is 1.3 billion euros.
Some wonder why the ground-breaking was continued when this problem was already known, but the ceremony had been planned long before the seriousness of the matter really became apparent. And to be fair, several speakers also mentioned it at the event.
When the contract with INSO was signed in September 2016 there may indeed have been no indications this situation could occur. However, now calling it a possible “blessing in disguise” because the work hasn’t started yet is looking at the proverbial bright side to say the least.
