ZWOLLE – Former auditors of SunResorts Ltd. N.V., Cees Rokx and Petra Pupping, have been struck from the accountants’ register for four months as of May 26. The Accountants Chamber in Zwolle ruled that both made fundamental errors in their audit work for SunResorts, a company within the Ennia group.
The disciplinary measure was imposed on Rokx and Pupping, who at the time worked for accounting firm Mazars. The complaint was filed by the Central Bank of Curaçao and Sint Maarten (CBCS) on behalf of the financially troubled insurer Ennia.
SunResorts Ltd. N.V. owns the Mullet Bay property, the largest undeveloped beachfront land in Sint Maarten. For years, the valuation of this property has been heavily disputed, with significant financial consequences for the parent company Ennia. In 2018, Ennia was placed under supervision by CBCS. Since then, the Central Bank has sought to recover damages through civil lawsuits against Hushang Ansary and others involved.
Valuation Controversy
At the heart of the complaint is the valuation of the Mullet Bay land. The accountants accepted a book value of nearly 770 million guilders without sufficient verification. This valuation was based on an incomplete and inadequately supported appraisal report by Jean-Paul Enriquez Associates.
The Accountants Chamber concluded that Rokx and Pupping failed to act with the necessary professional skepticism and should have obtained crucial audit information about the valuation, especially since previous appraisals valued the land at less than half that amount.
Ansary and Legal Implications
The inflated valuation of Mullet Bay played a critical role in civil cases against majority shareholder Hushang Ansary, who court rulings state siphoned hundreds of millions of guilders out of Ennia.
The overvalued property allowed Ansary to distribute dividends to himself on paper, while the insurance company’s financial base was effectively eroded. The losses for policyholders in Curaçao and Sint Maarten amount to hundreds of millions.
Suspension
The four-month suspension means that Rokx and Pupping are temporarily prohibited from practicing as accountants. The ruling highlights a serious breach of the professional standards expected from auditors, particularly given the public interest connected to their role in financial oversight.
