PHILIPSBURG--Mullet Bay, long listed as the largest asset of Curaçao-based insurance group Ennia, had a “fair value” of US $85 million as of the end of 2009, according to a draft valuation report prepared by a court-appointed expert. This was reported by the Antilliaans Dagblad, which has obtained a copy of the “Appraisal Report” published in 2025.
The report was prepared by Colliers International Valuation & Advisory Services in Miami. According to the appraisers, the Mullet Bay property was worth USD 85 million at that time – reflecting what the site’s value would have been 16 years ago.
One year after U.S. valuation experts began work in November 2024 to assess Mullet Bay across several historical valuation dates – an exercise central to determining the size of the claim in Ennia’s liability case (represented by the Central Bank of Curaçao and St. Maarten, CBCS) against Hushang Ansary and former Ennia directors – there are still no final valuations.
Until recently, parties involved in the case had only received and commented on draft reports for the valuation dates 2009 and 2012. No draft reports had yet been provided for the 2015 and 2018 valuation dates; the 2015 draft was expected this week, and the 2018 draft the following week.
During the most recent procedural hearing, the Joint Court of Justice indicated it would urge expert Greg Becker to expedite his work. There is speculation that the Colliers International specialist is struggling with how to value a property like Mullet Bay, given the absence of comparable transactions – no parcel of its size has ever been sold on St. Maarten.
After sharing the draft reports with the parties and receiving their comments, the expert must submit his final valuations to the court. The parties will then be allowed to submit formal written responses before the court ultimately decides on the valuations.
“My value assessment reflects the circumstances and the most probable actions of market participants as of the valuation date,” Becker writes in the report. “It is based on available information and does not predict future performance. Changing market conditions or changes related to the property can, and likely will, affect its value.”
Ansary was earlier found liable in September 2023 for approximately US $ 143 million in damages related to mismanagement at Ennia. However, that judgment did not include the value of Mullet Bay, which is expected to significantly influence the overall financial determination in the case.
In late 2024, the court ordered Ansary to cover part of the retainer required for the expert valuation of Mullet Bay, a procedural step intended to ensure that the valuation process could move ahead without further delay.
