PHILIPSBURG–Following the emergency measure imposed on insurance company Ennia by the Court of First Instance in Curaçao last week, the Prosecutor’s Office has placed liens on thirteen companies in St. Maarten owned by main shareholder Hushang Ansary and his company Parman International BV. Sun Resorts NV, the managing company of The Towers at Mullet Bay, is among the companies that were placed under a lien. Holiday Car Rental, and Resorts Development and Management Ltd. are also part of Sun Resorts.
Spokesman for the Prosecutor’s Office Norman Serphos said the liens were placed by the subversive crime team (“Team Bestrijding Ondermijning” (TBO)) in consultation with the Central Bank of Curaçao and St. Maarten (CBCS), which called upon the Court last week to give permission for a supervisory takeover of six related companies.
In addition to Ennia Caribe Life, -Damage and -Care, and of EC Investments and Ennia Caribe Holding, this also includes EC Holding.
The Prosecutor’s Office declined to reveal the names of the other companies in St. Maarten that were placed under a lien “in the interest of the investigation.”
Sun Resorts is an entity of EC Investments, which also includes Energy International Ltd. in the British Virgin Islands, and EC Investment International Ltd. (Backbondo Ltd.).
The Court took the emergency measure in support of efforts to restructure the Ennia group and as such protect the interests of all stakeholders.
According to the Central Bank, Ennia has a serious and worsening solvency deficit. The Central Bank stated that the policy makers of Ennia’s life-, property- and health-care insurance branches and ultimate shareholder Ansary do not follow the recommendations of the Central Bank and the “silent” curators.
The assets belonging to Ennia via EC Investments and Ennia Caribe are withdrawn from Central Bank supervision and attempts were made to withdraw US $100 million from EC Investment’s securities account with Merrill Lynch banking company in New York, which, the Central Bank said, justifies fears that these assets are taken out of Ennia.
The US $100 million that was recently withdrawn from the Dutch Caribbean insurance provider has in the meantime been retrieved, the Central Bank stated.
It was reported Friday that CBCS had filed a complaint against Ennia in connection with the US $100 million that was taken out of Ennia, which was not in accordance with Central Bank instructions. Ennia has been under silent curatorship since October 1, 2016.
After the emergency regulation was pronounced, CBCS announced that all directors, with the exception of Reinald Curiel, and the Supervisory Board of Ennia will be dismissed. The Central Bank said last week Friday that “the restructuring of Ennia is proceeding smoothly.”
Banco di Caribe does not fall under the emergency measure, as CBCS did not see any reason for this.
The measure, however, makes it possible for CBCS to exert indirect influence on Banco di Caribe, Central Bank Director José Jardim said Thursday during a press conference. It was stressed that the interests of clients would not be compromised.
Source: The Daily Herald https://www.thedailyherald.sx/islands/78432-sun-resorts-lien-follows-ennia-emergency-ruling
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