September 12, 2023 –WILLEMSTAD, PHILIPSBURG – The Centrale Bank van Curaçao en Sint Maarten (CBCS) has taken note of the Common Court of Justice’s decision today on the appeal in the case of Ennia v. Ansary et al.
In today’s interlocutory judgment, the Court upheld the liability of Ansary and others. The Court found Ennia’s claims to be admissible, entitling Ennia to damages amounting to at least NAf 250 million (USD 117 million, USD 11 million and NAf 25.8 million).
In order to address the remaining claims, the Court has determined that an investigation by an independent expert is necessary, while both parties will be required to provide additional information.
In particular, the investigation will focus on determining Mullet Bay’s fair value during the relevant years. The parties will be given the opportunity to provide input on the selection of the expert to be appointed.
The CBCS would like to refer to the full press release issued by the Court regarding the interlocutory judgment.
This interlocutory judgment means that the liability proceedings will continue, and it will therefore take some time before the final amount for which Ansary et al. are liable is determined. However, that amount will be significantly less than the sum initially claimed by Ennia and awarded by the Court in the first instance.
This interlocutory judgment also means that the recognition procedures in the US will take longer to complete.