Brison: Govt. should ‘exercise extreme caution’ with ENNIA | THE DAILY HERALD

PHILIPSBURG–Government and its companies should “exercise extreme caution” when dealing with embattled financial company ENNIA Group, says Member of Parliament Roland Brison in a press statement on Sunday.

“Other government-owned companies have told Parliament they are busy seeking finances, and if ENNIA is undergoing Central Bank-imposed restructuring then at least during this phase, government should exercise extreme caution in entering into any financing agreements,” said Brison.

The United St. Maarten party MP’s comments about ENNIA come days after representatives of Central Bank of Curaçao and St. Maarten (CBCS) told Parliament they see “a future” for ENNIA and recommended investors take ENNIA seriously.

The company is under restructuring and supervision by CBCS. The Mullet Bay property, part of the ENNIA holdings, is under a lien by CBCS.

Brison said once CBCS “is successful in their investigation and restructuring, that may be a better time to revisit financial agreements with the conglomerate.

“What is the Central Bank doing to protect our local insured and pensioners and what are we doing to protect the asset of Mullet Bay with the measures being taken?” questioned Brison, who commended the Central Bank “for having the foresight to take action” on the matter.

Also related to banking, Brison called on CBCS to investigate the “counterproductive policies” of commercial banks via increasing fees and not cashing cheques from other banks.

On learning that CBCS does not have authority to regulate commercial bank fees, Brison proposed an investigation by Parliament’s Permanent Committee for Finance into adjusting legislation to protect residents and businesses from high fees and “other sub-optimal situations.”

Source: The Daily Herald