PHILIPSBURG:— In response to the recent performance audit of the St. Maarten Investment Agency (SMIA) issued by the General Audit Chamber, the Algemeen Pensioenfonds Sint Maarten (APS) reaffirms its commitment to addressing past challenges and setting a new strategic direction for investment in Sint Maarten. While acknowledging the insights and recommendations from the audit, APS is focused on enhancing local market opportunities and sustainable development as a path forward.
In 2017, the former APS board initiated the development of an investment entity aimed at supporting and advising both public and private sectors in Sint Maarten. This initiative, particularly driven by the aftermath of Hurricane Irma, aimed to facilitate investment projects that would contribute positively to the local community.
However, in 2022, the current APS board faced significant challenges with this entity. Difficulties in realizing profitable investments for both Sint Maarten and APS participants emerged due to the complex structure and unforeseen costs of the entity. As highlighted in the report from the General Audit Chamber, these issues led to delays in the completion of annual reports for 2021 and 2022 and, unfortunately, to financial losses. The board acknowledges these setbacks with a commitment to learning and evolving from these experiences.
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