WILLEMSTAD - Ennia's former owner, Hushang Ansary, has been held liable for an approximate sum of $143 million, rather than the previously claimed 1 billion guilders. This ruling was delivered by an appeals court and pertains to various aspects, including donations, payments to fictitious employees, and expenses related to a private plane. Moreover, the court has deemed Ansary's $11 million investment in an American company unsuitable and unjustified for a company of Ennia's stature.
However, it's essential to note that this case is far from concluded. The court's decision only addresses a portion of Ennia's claims, necessitating further investigation before reaching a final judgment. As a next step, both parties are required to nominate an expert who will assess the value of the Mullet Bay property in Sint Maarten. This assessment plays a pivotal role in the court's evaluation of whether Ennia possessed sufficient assets to justify the substantial profit distributions made to its shareholder, Parman International.
The same scrutiny applies to the compensation received by the company's commissioners, along with their travel and accommodation expenses. The determination of Mullet Bay's value remains integral to this assessment.
Major shareholder Hushang Ansary is facing serious allegations of fiduciary duty breaches and financial misconduct. Ennia, which has been under the supervision of the Central Bank of Curaçao and Sint Maarten since 2018, claims that Ansary and his associates have engaged in irresponsible management of the insurance company.
It is alleged that they have misappropriated financial resources and exposed the company to unnecessary risks, resulting in significant harm to the interests of policyholders, according to the Central Bank.
The case continues to unfold, and further developments are expected as the investigation progresses.