~ Ennia case to continue until year end ~
WILLEMSTAD/PHILIPSBURG--The court-appointed expert has finished his draft evaluation of the Mullet Bay property in St. Maarten, the Joint Court of Justice said on Monday.
This assessment is an important part of the high-profile civil case surrounding mismanagement at Curaçao-based insurance company Ennia.
In September 2023, the Joint Court found former owner Hushang Ansary liable to the tune of almost US $143 million for financial wrongdoing at Ennia. This provisional verdict included excessive payments that were unrelated to the insurance company, such as donations to Ansary’s private causes, salaries to fictitious staff and personal assistants, and the cost of private jets.
However, it did not include expenses linked to the overvaluation of Mullet Bay.
The real value of the Mullet Bay property, once a thriving golf resort and timeshare location, is crucial for the court in assessing the legitimacy of allegedly exorbitant dividend payments to the shareholders of Ennia’s parent company Parman International. Ansary held 77% of the parent company’s shares.
Last November, the court appointed Greg Becker of Colliers International Valuation and Advisory Services in West Palm Beach, Florida, to evaluate the Mullet Bay property.
Becker’s draft report was submitted in April and a final report is expected after the parties have had a chance to comment on the draft, the Joint Court said.
“As soon as the court has received the final report … the parties will be able to respond in writing to the final report. Additionally, some parties will be able to provide further explanation about a number of excessive expenses alleged by Ennia,” the Joint Court said. “The court's cautious estimate is that this written debate will be completed in the autumn of this year. It is possible that the parties will wish to have an oral plea after the written debate has been completed. In that case, a hearing will be scheduled, after which judgment will be rendered.”
The Joint Court’s 2023 verdict was in appeal of the Court of First Instance’s verdict of November 2021, which found Ansary, his daughter Nina and (former) directors, supervisory directors and shareholders liable for more than one billion then-Netherlands Antillean guilders (now Caribbean guilders).
In the lower court’s verdict, Ansary and the co-defendants were ordered to pay an amount of NAf. 188.9 million for wrongful dividend payments linked to the Mullet Bay property.
