WILLEMSTAD – The appraisal of Mullet Bay, a crucial element in the ongoing legal battle surrounding insurance group Ennia, has been delayed and is now expected to be completed in 2026, according to the 2025 Annual Report of the Central Bank of Curaçao and Sint Maarten (CBCS).
The valuation is important because the final ruling in the appeal involving former Ennia owner and director Hushang Ansary and other defendants depends partly on an appraisal of the valuable Mullet Bay property in Sint Maarten.
Mullet Bay Sint Maarten
The appraisal had initially been expected to be completed in 2025. However, the CBCS says the process has been delayed, pushing its expected completion into 2026.
The delay also affects efforts by the CBCS to recover money through legal proceedings in the United States.
Ennia, under the management of the CBCS, previously initiated legal proceedings against Ansary and several co-defendants. On November 29, 2021, the Court in First Instance ruled against Ansary and the other defendants and ordered them to pay damages, interest and legal costs.
All defendants appealed the decision. On September 12, 2023, the Joint Court of Justice issued an interim judgment on parts of the case, but a final ruling remains pending because an appraisal of Mullet Bay is required.
The CBCS had also initiated proceedings in the United States seeking recognition of the Curaçao judgment. Following the interim judgment, proceedings against Ansary were put on hold, while proceedings against his daughter, Nina Ansary, were dismissed without prejudice. According to the Central Bank, continuation of the U.S. proceedings is expected after the Mullet Bay appraisal is completed.
The situation was further complicated by the death of Hushang Ansary. The CBCS said it was informed of his passing in January 2026. The Joint Court subsequently stayed the liability proceedings against him pending notification regarding who will assume his position in the case.
The Central Bank stressed that Ansary's death does not mean it is abandoning efforts to recover Ennia's losses. It said it remains fully committed to pursuing former directors and shareholders and, where necessary, taking legal action involving their legal successors.
Mullet Bay remains one of the most important assets connected to Ennia. Ownership of the property was vested in three legal entities where Ansary or persons associated with him served as directors.
Despite its significant development potential and prime location in Sint Maarten, the Mullet Bay property remained largely unused for decades.
In August 2022, the CBCS, acting on behalf of Ennia, removed Ansary as director and appointed two new directors. They were tasked, among other things, with beginning the process of selling and/or developing Mullet Bay. Any proceeds are intended to benefit Ennia's policyholders.
On September 26, 2024, SunResorts Ltd N.V., one of the owners of Mullet Bay, decided to continue examining strategic options for the property.
According to the CBCS, several legal complications must first be resolved before a possible sale can move forward. Significant progress was made on these issues during 2025.
A new step is expected in 2026, when an assignment is expected to be commissioned for the preparation of a master plan for Mullet Bay. The CBCS believes such a plan could contribute to a future sale of the property.
Meanwhile, the broader restructuring of Ennia appears to have reached an important milestone.
Under the Outline Agreement, a new insurance group was established as a solvent and independently operating company with a sustainable ownership structure and adequate capitalization.
ENNIA Leven N.V., ENNIA Caribe Schade N.V. and ENNIA Caribe Zorg N.V. have received CBCS licenses to conduct insurance activities in Curaçao and Sint Maarten.
The Central Bank described the first year of the new Ennia structure as successful. The old Ennia structure remains under the emergency regulation and continues to be administered by the CBCS.
Most importantly for customers, the Central Bank reported that all Ennia policyholders received their payments on time during 2025 as a result of the successful implementation of the restructuring agreement.