The CBCS has finally moved towards criminal prosecution in the Ennia case. Anyone who deliberately drains a pension and insurance institution must answer to the criminal court.

But anyone who believes the matter ends there misses the essence of the governance problem of which Ennia is only the most visible expression. In a state governed by the rule of law, that rule of law applies to everyone – including the central bank.

The uncomfortable truth is this: Ennia could only derail on such a scale because supervision failed for many years. That supervision had a name and an address: the Central Bank of Curaçao and Sint Maarten (CBCS).

The issue is therefore not only the criminal acts of the former owner and directors, but also the governance neglect of the institution that was supposed to prevent tens of thousands of policyholders and pensioners from ending up in the danger zone, and avoid that state ends up with paying the bill.

Criminal law is necessary, but not enough: Public debate now focuses on whether or not there will be prosecution. That is understandable – it speaks to justice, to the feeling that “the big players” get away too often. But criminal law looks at individual guilt and provable criminal acts.

It does not answer the broader questions: how could it be that signals about solvency, risky investments, and conflicts of interest failed for years to trigger effective interventions? What choices were made – or not made – within CBCS when it became clear that Ennia was a systemic risk? What role did the governments of Curaçao and St. Maarten play as shareholders of CBCS? And how did the internal organs, such as the executive and supervisory boards (incl audit cmt) perform? Did Kingdom institutions knew that the situation at Ennia had been fragile for years?

Without answers to these questions, we are left with the image that we “catch the crook” but leave the gatekeeper untouched. That is disastrous for trust in the system.

Why an internal evaluation is not enough? It is being suggested that CBCS will draw lessons and conduct an internal review of what can be improved. That sounds sympathetic, but it is exactly what should not happen. An institution that failed to correct itself for years cannot credibly investigate its own neglect, behind closed doors, with a report that the public may never see in full.

Ennia is not about an accounting error; it is a systemic crisis in supervision, governance, and political responsibility. That calls for an independent, public review, comparable to what was done in the past at Aqualectra. In that case, it was evident that public ownership and public losses justified an in depth public inquiry. In the Ennia case, that public dimension is many times greater: here, not just tariffs are at stake, but life long pensions, taxpayers’ money, and trust in the financial system.

All organs in the governance chain under scrutiny: A serious evaluation therefore cannot stop at “CBCS had a difficult task.” We need a clear picture of the role of all organs in the governance chain:

Within CBCS: how were warning signals assessed, which interventions were considered, and why was the heaviest instrument – the emergency measure – applied so late?

In the governments and parliaments of Curaçao and St. Maarten: what information did they have, how did they fulfil their role as shareholder and legislator, and where did they look away?

At Kingdom level: how were repeated warnings about the vulnerability of supervision and financial stability in the Caribbean parts of the Kingdom handled? Were there such warnings?

Only when these questions are answered publicly and factually can citizens and policyholders judge whether the institutions “above them” are living up to their responsibilities.

Time for an Ennia report on CBCS: If we want to use the Ennia crisis to improve the system holistically instead of merely punishing a few perpetrators, one step is unavoidable: an independent, public inquiry into the functioning of CBCS and the wider governance chain around Ennia. Not to destroy the Bank, but to develop it as a mature public institution that can be corrected.

Criminal prosecution is necessary, but not sufficient. In a state governed by the rule of law, that rule of law applies to everyone, including the central bank: bringing full clarity about what went wrong inside CBCS and which organs played a role in that is at least as important as the criminal prosecution of those who bled Ennia dry. Precisely the consistent application of the rule of law to all holders of power is essential to maintain and strengthen trust in our democratic constitutional state.

Mike Willem, BaEcon, MBA

Former Minister of the Netherlands Antilles and former Commissioner of Curaçao

Dear Editor,

I applaud the recent immigration raids and the effort to address undocumented labor. However, there is a serious gap in enforcement. While workers are being targeted, businesses employing undocumented individuals are not being held accountable.

It appears that the Ministry of Justice and the Ministry of Public Health, Social Development & Labor are not effectively collaborating, which is deeply concerning. This lack of coordination raises an important question: are businesses being given more consideration than the enforcement of the law itself? How can the government be taken seriously if businesses are allowed to violate the law without consequence?

The law is clear: under the National Ordinance on Employment of Foreign Nationals (Landsverordening Arbeid Vreemdelingen – LAV), it is prohibited for an employer to employ a foreign national without a valid work permit, with fines ranging from approximately Cg. 2,000 to Cg. 10,000 or more per undocumented worker – yet these penalties appear not to be enforced.

With the CFT recently sounding the alarm about the government’s serious liquidity problems, does the government really want to be taken seriously? It is time for both ministries to work together, enforce these laws, and ensure that these fines help plug the growing hole in the national budget.

A. A. Bryan

Dear Editor,

Athletes. Artists. Academics. Entrepreneurs. You name it. St. Martin has it. You probably went to school with a few. You're probably one of them.

But why has it always been a struggle for them to break through? That is a narrative we have to change. We can't change the course of history, but we can chart our destiny. That destiny is one where St. Martin people thrive right in their country because of our collective resolve to support and invest in ourselves. To make the sacrifices for our children (including those who don't belong to you) to have opportunities we were denied or unaware of.

It means mentorship, structural support, and building capacity to withstand and push through obstacles that seem greater than ever. Because as Nelson Mandela once said, "It always seems impossible until it's done."

I remember back in 2016, while speaking as a youth representative of St. Maarten at a conference, I introduced myself as, "I'm such and such from the small island of St. Martin."

During the networking phase of the event, an older gentleman came to me and said, "Don't you ever introduce yourself like that again. Don't you know Britain is also a small island, and they colonised a large portion of the world?"

Imagine how confident I was to boast of how small a place I come from – that it's so small the university population can fill the island. But what matters is what we can achieve beyond our sandy shores that adds to the beauty of our home.

I want to encourage us to remain hopeful and to be the change we wish to see in our nation. You are not too small to make a difference.

As the island is currently on a high, thanks to Nahjah Wyatte bringing the gold medal home from CARIFTA, let us remember that it's a result of community support. And with continued, structured investment into sports, the arts, academics, innovation, and the talents of our children, we can touch the shores of many nations and excel because we are a blessed people.

Congratulations, St. Martin. Let's take a longer look and focus on the good.

Author & Speaker – Ralph Cantave

Dear Editor,

During one of my visits to Sint Maarten, I spoke with a woman who works as a taxi driver. She had once held a job in a hotel that was highly seasonal, leaving her with little or no income during the off-season and few opportunities to increase her earnings. Determined to change her situation, she moved into the transport sector, starting out as a taxi driver. She worked long hours during the high season, saved money, and later rented an additional vehicle and hired another driver. Today, she operates two vehicles in addition to her own, with plans to expand. She is dreaming of a house and sending her kids to college.

Over the years, during my visits to Sint Maarten, I have met women like her repeatedly; women who create opportunities for themselves. They are willing to learn new things, take risks and continue, even when things are hard.

This determination is visible not only in households and small businesses, but also in public life. Today, women hold nearly half of the seats in Sint Maarten’s Parliament - around 46.7% - reflecting how widely women are stepping into leadership roles across the island.

The leadership women bring across the island is among Sint Maarten's greatest strengths and a clear economic advantage. Evidence consistently shows that companies with gender-diverse leadership are more likely to outperform others, and closing gender gaps in employment could raise global GDP by more than 20 percent.

Political representation, however, does not automatically translate into broad-based economic opportunity. Many women continue to face constraints that limit their ability to expand businesses, increase incomes, or access capital. Barriers to finance, professional networks and supportive services still shape how fully their economic potential can be realised.

For a small island economy like Sint Maarten, the implications are particularly significant. With a small population, few sources of economic activity and exposure to natural shocks, growth depends on making full use of talent which already exists. When more women are able to earn higher incomes, invest, and grow their businesses, productivity rises and households become more resilient in times of uncertainty.

This is why women’s economic participation is embedded in the World Bank’s work in Sint Maarten. Through the Sint Maarten Trust Fund, financed by the Government of the Netherlands and managed by the World Bank in partnership with the Government of Sint Maarten, our support in the years following Hurricane Irma went beyond rebuilding homes and critical infrastructure. It also focused on restoring livelihoods, helping small businesses reopen and grow, and giving people the practical skills needed to turn ideas into income. Women were given particular attention in this work.

And the results show how strongly women responded when opportunities were made available.

Through the Emergency Income Support and Training Project, people received temporary income support and practical training to help them find work and start earning again. More than 1,900 people participated in the program, and over 70% were women, highlighting both how significantly the crisis affected women’s employment and how ready they were to re-enter the labour market.

The Trust Fund has also provided more than US$19.3 million to over 300 small businesses on the island, and 124 of those were led by women. With this financing, women have opened bakeries, catering services, neighbourhood shops, and businesses as diverse as mushroom production. These enterprises are now employing others and keeping economic activity rooted locally. They have also received tailored training and coaching in financial literacy and core business skills, from planning and marketing to tax compliance, giving them the tools to grow sustainably.

This progress matters. It means more women are able to move beyond subsistence and begin planning for growth, just like the taxi driver I spoke with.

Building on this progress, the priority in Sint Maarten is to expand what works: increasing access to finance, strengthening the link between skills and jobs, and creating support systems that make it possible to balance care responsibilities with paid work.

These are the investments that will allow more women, and the island as a whole, to keep moving forward.

By Lilia Burunciuc,

World Bank Division Director for the Caribbean