To the Editor and the people of Sint Maarten,
Around the globe, governments have enacted legislation mandating the provisions of annual financial statements of publicly-owned companies, including 25+ Caribbean countries. In Saint Martin, this is governed by the Corporate Governance Code for State-Owned Enterprises (SOEs) and the National Accountability Ordinance (NAO). The key requirements state that:
* SEOs must submit audited financial statements to the Government of Sint Maarten and Parliament of Sint Maarten within 5 months after the financial year ends.
* SOEs must adopt a Supervisory Board model, ensuring oversight and accountability. The board is appointed by the Government of Sint Maarten.
* Government of Sint Maarten formulates national policies that guide SOE operations and ensure compliance with integrity standards, procurement rules, and financial management practices to prevent corruption and inefficiency.
* Parliament of Sint Maarten ensures government accountability and transparency through the right of interpellation, to ask questions and instigate inquiries.
* The Code sets standards for transparency, reporting, and the role of external auditors.
* The Committee for Financial Supervision (CFT) monitors compliance and regularly reminds the government to submit missing annual reports.
Let’s be honest, how did GEBE manage to go four years without submitting financial statements? And where were the Supervisory Board, the Government, Parliament, and the CFT during all this? These bodies exist to ensure accountability, yet this glaring lapse suggests they weren’t doing their jobs.
What makes it worse is that the Government itself, one of the key oversight authorities, previously failed to submit its own financial statements for five years, only acting after pressure from the Dutch.
At this point, it’s hard to believe this is just incompetence. The pattern looks deliberate, and it raises serious questions about whether there’s large-scale financial mismanagement, or worse, embezzlement happening within both GEBE and government. Adding to the concern: GEBE reportedly has no signed contract with SOL, despite spending huge sums on fuel every year. That’s not just bad governance; it’s a red flag that demands immediate answers.
Both government and Parliament have the right of inquiry, e.g. via a forensic audit or parliamentary enquiry. In four years, they have not acted, but in the meantime, our people are being swamped with mysteriously high bills after the hack. Let that sink in for a moment and tell me whether this government has the people or even the economy of this country at heart—a country that is laden with debt.
What more messaging do we need for us to wake up!?
Regards
Romeo Jermin
