WILLEMSTAD - The Court of First Instance in Curaçao has issued a judgment in the case of ENNIA versus the undersigned, representing a major miscarriage of justice in every sense of the word. The judgement by the Court has disregarded extensive evidence which clearly showed that none of the claims are valid.

It is my belief that this ruling will long serve as an extraordinary case study in the United States and elsewhere in the advanced nations and as a warning against the perils of investments now matter how successful and well intentioned, in any country with legislation which permits the seizure of private property without a right of appeal. It could be a case study because, on the one hand, it represents years of annual approvals of financial statements of ENNIA insurance companies by the Central Bank of Curaçao and Sint Maarten, and on the other hand the total reversal of such approvals by the same Central Bank over a decade later.

This reversal was followed in July 2018, by the improper takeover of significant privately held assets of U.S. citizens which were in no way subject to the insurance act.

Equally important, at the moment of the seizure, the ENNIA insurance companies had the best of relations with their policyholders, had no third-party creditors or claims other than in the ordinary course of business, with cash, cash equivalents and other valuable assets hugely in excess of their short and long-term needs.

Regretfully, by this time, many millions appear to have been squandered and need to be accounted for.

The U.S. investors will take all necessary actions to protect their rights and property.

Hushang Ansary
Former Chairman
ENNIA Caribe Holding N.V.