WILLEMSTAD--Curaçao's Finance Minister George "Jorge" Jamaloodin is holding the three statutory directors of the Central Bank, St. Maarten Prime Minister Sarah Wescot-Williams and Minister of Finance Hiro Shigemoto as well as the governors of both Curaçao and St. Maarten responsible for a 150-million-dollar bond loan on behalf of the further development of Great Bay harbour.
According to the Amigoe newspaper in Curaçao, St. Maarten has reacted by asking who is being held responsible for the fact that despite Curaçao utility company Aqualectra having an outstanding bond loan with the Central Bank, the Schotte cabinet decided to reduce energy tariffs. The decision to transfer Aqualectra's shares in the Build, Own & Operate (BOO) plant at the Isla refinery to "Refineria di Korsou" also affected Aqualectra's capital.
Jamaloodin sent his warning per letter, again increasing tensions within the shared Central Bank of Curaçao and St. Maarten (CBCS) and thus the monetary union between the two new autonomous countries in the Dutch Kingdom. Shigemoto said only that he was working on an answer, but it's clear that the government in Philipsburg is not happy with Jamaloodin's actions.
The CBCS management was said to be meeting on St. Maarten with the local banking sector to address this latest development. Apparently one or more of the directors has already contacted a lawyer.
Rumours that president-director Emsley Tromp and director Albert "Chos" Romero will be placed on non-active duty or suspended appear unlikely because the bank's statute states they can only be suspended or dismissed by the two countries based on the advice of the Supervisory Board with a national decree explaining the reasons. In case of a suspension the board would, insofar as is necessary, nominate three persons to temporarily occupy the function in question. St. Maarten is not aware of any such intention.
Jamaloodin said any so-called internal disciplinary measures against Tromp, such as a mandatory vacation, are completely up to the board. When it comes to a possible suspension the Finance Minister comes into play, but only on the recommendation of the board, which is not at issue right now.
Because St. Maarten and Curaçao could not agree on a joint chairperson for the CBCS-board in addition to their three members each, Jamaloodin has now asked Dutch Caribbean Joint Court President Liesbeth Hoefdraad to nominate a temporary one, again based on the bank's statutes.
Source: http://www.thedailyherald.com/islands/1-islands-news/25711-clash-on-bonds-for-st-maarten-.html
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