Questions raised about BES and Suriname's connection to Sint Maarten
PHILIPSBURG - In a scathing rebuke, Member of Parliament Christophe Emmanuel on Thursday accused the former National Alliance government and the Central Bank of Curaçao and Sint Maarten (CBCS) of committing financial genocide by burdening the people of Sint Maarten with the disastrous Ennia bailout agreement. Emmanuel's remarks followed revelations by Finance Minister Marinka Gumbs, who exposed hidden terms that would further drain Sint Maarten’s financial future for decades to come.
"The noose was there, waiting for us—and we wouldn’t have even recognized it if Minister Gumbs hadn’t revealed the details of this horrific agreement," Emmanuel stated. He praised Minister Gumbs for her transparency in exposing the full extent of the agreement.
During her update on the Ennia saga, Minister Gumbs expressed her astonishment upon discovering the vast financial obligations that Sint Maarten was bound to, particularly the inclusion of BES and Surinamese policyholders in the bailout package. "This is exactly why I’m taking the time to understand this agreement," she said, emphasizing that the deal, signed by the former government, is not in the best interest of Sint Maarten.
Emmanuel, who has long been a vocal critic of the agreement, reacted with outrage to these new revelations, particularly the fact that Sint Maarten is expected to cover not only its own policyholders but also millions for policyholders in the BES islands and Suriname. "This is nothing short of financial betrayal. How can anyone in good conscience sign a deal that forces Sint Maarten to foot the bill for BES and Suriname? This amounts to over NAf 5 million, yet no one can explain who these policyholders are or why we are responsible for them," Emmanuel fumed.
He didn’t mince words, labeling the National Alliance government as "liars" and condemning the Central Bank as complicit in this farce. "This is financial genocide. The Central Bank, in collaboration with a puppet minister, has sold out the future of our people for the next 30 to 50 years. This wasn't just reckless, it was malicious," Emmanuel said, adding that at least two generations of Sint Maarteners will be paying the price.
Emmanuel harbored a particular anger toward the Central Bank, under whose supervision the Ennia scandal unfolded, leaving the people of Sint Maarten and Curaçao defrauded. Now, those same citizens are expected to bear the burden of a rescue operation that was organized behind closed doors and without full transparency. "The Central Bank allowed Husang Ansary to defraud our people, and now we’re expected to clean up the mess they created. This agreement is not just bad; it’s cruel, it’s wrong, and it’s utterly unacceptable," Emmanuel declared.
The parliamentarian also highlighted the hypocrisy of the Central Bank, which for years failed to pay Sint Maarten the dividends it was owed. "Suddenly, when Ennia collapses under their watch, they magically find NAf 4 million a year to 'pay' us. But here’s the catch: they’re keeping three-quarters of it to fund their bailout and using our COVID loans as leverage to blackmail us into signing. And a typically weak National Alliance government walked right into their trap," Emmanuel fumed.
He urged Minister Gumbs to continue her due diligence and fully expose the extent of this scandal, warning the parliament not to approve what he called a "death sentence" for Sint Maarten. "We need to hear better alternatives before we sign away the future of our island. This deal, as it stands, is unacceptable and will only further enrich the Central Bank at the expense of the people of Sint Maarten," Emmanuel stated.
The relentless opposition of MP Emmanuel against the Central Bank is now justified. For years, he has been a consistent voice warning about the dangers of St. Maarten's financial entanglement with Curaçao.
"The evidence is indisputable. The Central Bank has no respect for Sint Maarten and has consistently acted against our interests. This disaster only strengthens my longstanding call to break away from the monetary union. Sint Maarten can no longer afford to be shackled to an institution that sees us as nothing more than a financial safety net for their own failures.
It's time to break free and establish our own Central Bank that serves our people first," Emmanuel concluded.