Dear Editor,
You are kindly requested to publish the following explanations for public information to your article, “Hushang Ansary halted from calling SunResorts shareholders’ meetings” in your edition of Tuesday, August 30, 2022.
1. SunResorts Ltd N.V.’s Extraordinary Meeting of shareholders scheduled to take place in St. Maarten at 11:00am on Monday, August 29, 2022, was postponed at 10:30am on Sunday, August 28, 2022, pending a court ruling which is now scheduled for Friday, September 2, 2022.
2. EC Investments B.V., that has never had a single share of SunResorts stock in its name, did not have the right or the legality to call an Extraordinary Shareholder Meeting of SunResorts at the Central Bank of Curaçao and St. Maarten at 3:00pm on August 1, 2022, in an attempt to aim at the unthinkable dismissal of Mr. Ansary.
3. SunResorts and its predecessor entity, Island Gem Enterprises, have been owned by U.S. investors for 40 years, 36 years of which Mr. Ansary served in the unpaid position of Chairman and CEO. Its valuation was commissioned by local management, year after year, only on the basis of actual transactions between third parties in the area.
4. SunResorts shares were never injected into ENNIA insurance companies by U.S. shareholders or even with their knowledge. Therefore, to call SunResorts’ shares a most important asset of ENNIA insurance is nothing but an intentional mistake, but it is, however, correct to regard it as the most important contribution of U.S. shareholders to the reinforcement of the capital structure of Parman International B.V., the ultimate holding company of the entire Group.
5. ENNIA Insurance companies had no more than US $18 million of shareholder equity and NAf. 3.3 million of net annual income on total assets at the end of 2005 when they were acquired from Delta Lloyd. Loan balance between ECI and Ennia Caribe Leven was slightly over US $50 million when ECI was seized unlawfully under an insurance act at which time it had absolutely no third-party creditors or policyholder claims other than in the ordinary course of business with more than US $300 million in cash and cash equivalent in its bank account.
Is it not ironic that a court ruling of NAf. 1 billion, referred to in your article, is equivalent to more than 350 years of the then annual income of the ENNIA insurance companies?
6. ECI was not an operating entity, never licensed to be in the insurance business nor was it ever owned by ENNIA insurance companies and never invested on their behalf, for better or worse. No document to that effect has ever existed between ECI and ENNIA insurance companies. The courts have been misled to believe otherwise and their rulings have been appealed against.
Sincerely yours,
Clarence Derby
