About 30,000 people are in danger of losing the whole of their pension after more than a billion Antillean guilders disappeared at insurance company Ennia. In order to save the pensions the Netherlands want to lend about 600 million euros to Curaçao and Saint Martin. But will this really happen?

The television program Nieuwsuur (NTR/NOS) paid attention to this topic. Ennia is the biggest insurance company on the islands, where middle-class people save their money.

Right under the eyes of the Central Bank of Curaçao and St. Martin owner Hushang Ansary and others embezzled about three-quarters of the Ennia capital. Dutch parliament will decide if the money will really be lent and under what circumstances.

Outgoing State Secretary van Huffelen (Kingdom Relations) fears ‘huge social and economic consequences’ as she writes to the House of Representatives. The Dutch Council of Ministers last week agreed to the deal to refinance Ennia. Dutch parliament will ultimately decide if the money will be lent and under what conditions.

The Financial Supervisor disagrees with the loan and advises against it, reports the FD. Curaçao and St. Martin already have to repay hundreds of millions of Covid loans to The Netherlands. With another loan of 600 million the debt burden would become much too heavy.

Billionaire Hushang Ansary has not been prosecuted. He has been convicted in a civil lawsuit, initiated by the Central Bank of Curacao and St. Martin, to pay back about a billion Antillean guilders (about 520 million euros). Because he appealed, there will be a new ruling on September 12.

Parliamentary questions
The VVD and SP put questions to the House of Representatives in 2016 about the ‘draining of money’ at Ennia and the possible consequences for the Netherlands.

“Whenever there’s a financial mess over there, Holland has to foot the bill. This time I won’t”, said the former MP Andre Bosman, representing the VVD.

The SP wanted the Netherlands to intervene in the autonomous islands by monitoring their financial sector itself and starting an investigation. “The Central Bank of Curaçao and St Martin does not function and has never functioned”, said the then MP, SP member Ronald van Raak.