WILLEMSTAD–The Central Bank of Curaçao and St. Maarten (CBCS) has not been able to get access to ENNIA’s funds at American bank Merrill Lynch. This turned out during Thursday’s injunction by shareholder Parman International BV against the insurance firm’s placement under emergency rule.
Access to the money is said to be needed to restructure the company’s finances and make them compliant again. However, Parman refuses to cooperate.
A US judge had recognised the regulation at CBCS’ request last year. The bank recently filed a court motion to access the funds that will be heard on January 22.
The plaintiff’s lawyer argued that the supervision measure was largely based on a 2016 story in Dutch daily Financieele Dagblad unjustly depicting ENNIA’s shareholders as thieves emptying the company out.
A ruling in the summary case is expected on January 31.
Source: The Daily Herald https://www.thedailyherald.sx/islands/84414-cbcs-not-able-yet-to-access-ennia-funds