WILLEMSTAD - Several (former) directors, supervisory directors, and shareholders of ENNIA Insurance have been ordered to pay damages of more than one billion guilders. The judge ruled Monday morning in the case brought by the insurance company against owner Hushang Ansary and other involved parties.

Billionaire Hushang Ansary

Due to mismanagement by former policymakers and shareholders, ENNIA would have suffered damage of at least 700 million guilders, according to supervisor the Central Bank of Curaçao and Sint Maarten (CBCS). Lawyers for the insurance company argued in October that the damage would have been even higher.

The insurance company ENNIA demanded compensation of 1.1 billion guilders in the liability proceedings against Hushang Ansary and other former directors who were in charge around 2018.

The court has determined that after the acquisition of ENNIA in 2006 there was a change in policy and in transactions and expenditure, which were very detrimental to the insurance company. The court holds the six defendants liable for the damage suffered and has drawn up compensation of more than one billion guilders.