Central Bank of Aruba Launches Unprecedented Attack on Central Bank of Curaçao and Sint Maarten

September 11, 2023  –ORANJESTAD – In a press release regarding the Ennia issue, the Central Bank of Aruba has launched an unprecedented attack on the Central Bank of Curaçao and Sint Maarten, accusing it of failing in its supervisory role in the Ennia case. 

As early as 2007, the Bank had decided to separate Ennia’s Aruban branches from the company due to reported dubious transactions and the lack of action by the Central Bank of Curaçao and Sint Maarten. 

“The Central Bank of Aruba is a strict regulator and does not tolerate…,” the Bank stated in response to the Ennia debacle in Curaçao and Sint Maarten. In those places, Hushang Ansari, the top executive of Ennia, financially drained the insurer, leaving 30,000 policyholders concerned about their pensions. 

Due to Aruba’s strict oversight, the same crisis has been averted for Ennia policyholders in Aruba. Therefore, the Central Bank emphasizes the importance of keeping Ennia Aruba out of the discussion. Ennia Aruba is part of the Ennia group, but the Ennia Aruba entities are solvent and profitable, meeting all prudential requirements imposed by law and the Central Bank of Aruba. 

Verdict 

As early as 2013, a ruling from the court in Oranjestad made it clear that there were issues with how Ennia handled its investment policies. 

The Statutory Director of Ennia Aruba, Roger Schimmel, had raised concerns multiple times and informed the Central Bank of Aruba in 2010 about his worries regarding the investment of policy funds by the Ennia Group. 

This particular verdict also revealed that internal oversight at Ennia was not tolerated under the threat of dismissal. This accusation applies to the entire Ennia group, with the distinction that the Central Bank in Oranjestad did respond to concerns about improper investment policies, whereas the Central Bank of Curaçao and Sint Maarten, led by then-bank president and personal friend of Ansari, Emsley Tromp, did not.