PHILIPSBURG, WILLEMSTAD - Sixteen years after the fact, there is still no clarity on the value of Mullet Bay, the largest asset of the Curaçao-based Ennia insurance group on St. Maarten. This becomes clear from a draft valuation report submitted in the ongoing court case surrounding Ennia.
The report was prepared by Colliers International in Miami, which estimated the value of the Mullet Bay property at USD 85 million as of late 2009—a figure now more than a decade and a half old.
Mullet Bay Sint Maarten
No Final Valuations After One Year of Work
American valuation experts have been working since November 2024 to determine the value of Mullet Bay for several key years. These valuations are essential for the damages claim filed by the Central Bank of Curaçao and Sint Maarten (CBCS) against Hushang Ansary and former Ennia executives.
Yet, nearly one year later, no final valuations have been produced.
Until recently, the parties had only received draft reports for 2009 and 2012. Drafts for 2015 and 2018 had not yet been submitted. The 2015 valuation was expected this week, and the 2018 report is anticipated the week after.
Court Pressures Expert to Speed Up
The Joint Court of Justice has indicated it wants expert Greg Becker to accelerate his work. Legal observers speculate that the Colliers specialist is facing difficulties, as no comparable land transactions exist on St. Maarten—a piece of property the size of Mullet Bay has never been sold before, making valuation particularly complex.
Once all parties have submitted comments on the drafts, Becker must deliver a final valuation to the court. Only then will parties be allowed to respond in writing before the judges render their decision.
“My valuation reflects the circumstances and the most likely actions of market participants on the valuation date,” Becker wrote in the draft report. “It is based on available information and does not predict future performance. Changing market conditions may affect value.”
Damages Still Not Finalized
In an interim judgment issued on 12 September 2023, the Joint Court held Hushang Ansary liable for large-scale damages caused by mismanagement at Ennia. However, the total amount has not yet been finalized.
The court has already awarded more than USD 128 million for two specific transactions:
Roughly USD 117 million for an internal restructuring in 2014
More than USD 11 million for a failed oil platform investment in 2009
The frequently cited figure of USD 143 million is merely the sum of these awarded damages—it does not represent the final compensation total.
Mullet Bay Valuation Critical for Final Verdict
The valuation of Mullet Bay is crucial because further damages may depend on the property’s assessed value. Only once the valuation process is fully completed can the court deliver a final ruling in the long-running Ennia case.
The outcome will have major financial implications for Ennia’s policyholders in Curaçao and St. Maarten, as well as for the future restructuring of the insurer.
