THE HAGUE - It cannot be ruled out that the Netherlands will have to help out financially to prevent tens of thousands of pensioners in Curaçao and Sint Maarten from being sharply cut back on their old-age provision.
This concerns about 40,000 policyholders of ENNIA. The insurance company may not be able to meet its obligations in the short term due to a cash deficit of more than 1 billion guilders. The insurance company has been under the guardianship of the Central Bank of Curaçao and Sint Maarten since 2018. It is in talks with the governments about closing the gap. But both countries are already deeply burdened by an astronomical national debt and struggling with structurally weak economies.
Dr. Jose Jardim, director of the Central Bank, warned this week that the time is near when benefits will have to be cut sharply if ENNIA's assets are not quickly replenished. Failing that, he said, "social disruption" must be feared.
The bank manager did so during the handling of the appeal in the ENNIA case this week.
The insurance company was taken over in 2005 by the American-Iranian business owner and investor Husangh Ansary (95). He is accused of having “drained” ENNIA by juggling with participations and real estate plus exorbitant rewards and (private) expenses. The court of first instance held the businessman, his daughter and local directors, including former KPMG boss Ralph Palm, responsible and ordered them to pay back. Three judges flew in from the Netherlands, especially for the appeal.