People should not get too riled up over today’s report on the Central Bank of Curaçao and St. Maarten (CBCS) “monetising” the Mullet Bay area owned by SunResorts Ltd NV and the biggest investments of EC Investment (see related story). It is being done to cover policy holders of insurance company ENNIA placed under emergency rule of the monetary union’s financial sector supervisor, as Ennia Caribe Life Insurances reportedly struggles with significant solvency issues.
This follows the sale of Banco di Caribe belonging to the same Parman International of Hushang Ansary, who in November 2021 along with former co-directors of ENNIA was ordered by the court to pay 1.1 billion Netherlands Antillean guilders in damages. He is also the sole director of SunResorts and has so far supposedly declined to call a shareholders’ meeting, but that will soon be done regardless to appoint former director of government accountant bureau SOAB Geomally Martes and ex-notary Mike Alexander in his place.
The property was apparently overvalued in the books at up to US $436 million, because assessments from two different parties commissioned by CBCS vary between $50 million in 2018 and $96.4 million in January 2021. Intention is to sell or develop it, which the bank says will benefit not only the insurance firm and its clients but also the economy of St. Maarten.
That sounds nice, but much depends on possible plans of the developer/buyer. Very important is ensuring continued public access to the beach and giving due consideration to existing vendors who have put time, effort and money into their businesses.
To be crystal clear, nobody can claim exclusive rights to the country’s beaches until the flood line and any attempts to do so should be rejected in no uncertain terms.
