SINT MAARTEN (PHILIPSBURG) – The faction leader of the United Sint Maarten (US) party Claudius Buncamper, has sent a letter to the Minister of Finance Ardwell Irion with respect to the investment policy of APS Pension Fund.
The letter dated July 6th, 2021, reads as follows:
Honorable Minister Irion,
I would like to receive some information on the ROI of the local investments made by the General Pension Fund dating back from when e came country on 10-10-10.
In many discussions and in the reports of the General Audit Chamber the picture painted doesn’t truly show a good investment climate locally when it comes to investing, or that the investments made aren’t really followed up on and thus hampering a proper return on investment. As such I would like to pose the questions below and hope that a complete answer can be given so proper insight can be given to all regarding the investment of their pension funds.
- List each investment separately and the cost involved that the fund has locally made since 2010?
- Indicate the ROI per investment thus far and indicate if that’s within the norm of doing business per investment type and what norm is used?
- List the year the investment was done specifically and the projections on the ROI that led to the investment done.
- Where there any 3rd parties involved in the investments that APS participated in on projects and what were there investments and risks for APS?
- What criteria is used to evaluate the risk to be taken to invest into local projects. Who carries out that task and by whom is such reviewed?
- Why are so many local projects (Mary’s Fancy and Parking lot) not completed to ensure that the ROI is better?
- Why hasn’t APS made use of the 2nd building in the Professional Office park it has purchased since 2016 for a sum of Naf 9.36 million guilders which and is standing empty since hurricane IRMA instead of continuing to rent at the Yogesh building?
- What exactly was purchased for US$ 8 million dollars on December 14th 2016 at the Notary office with regards to the cadastral code object SXM UPQ 101/1976 and also MB 3 of 1983 for 3070m2? Is this the same professional Office park that is on the books for Naf 9.36 million guiders?
- Has the APS invested in the Rain Forest Project and if yes how much exactly as I haven’t seen it as a local investment or is that one considered international?
Below is the statement of conclusion made by the General Audit Chamber in their report of 2020 regarding the local investments made by the APS
Conclusion on the local investments
Most local investment projects were purchased/acquired by APS in 2014 or 2016. Our analysis shows little significant progress on local investments in (about) 5 years. Target dates shift, expectations are adjusted and there is no clear substantiation for new (updated) schedules. As examples: a parking facility originally scheduled for 2020 (now with a lower priority compared to other projects according to APS), an eco-hotel in Mary’s Fancy for which construction has not yet started, development of the new APS headquarters that is still unknown and the slow sale of homes at Oryx Hills for which a variety of reasons are provided.
Minister when you read such a conclusion I need to also ask what the governments positions regarding the APS functioning and their local investments.
I’ll await your response and I thank you in advance for your usual cooperation.
Respectfully,
_______________________
Claudius A. Buncamper BSc.
Member of Parliament
Faction Leader, United St. Maarten Party
