PHILIPSBURG--Finance Ministers ofSt.Maarten and Curaçao and representatives of the Central Bank of Curaçao and St. Maarten (CBCS) will meet in “a neutral location” in Curaçao on April 16 to examine accusations made by Curaçao and current developments surrounding the Central Bank.
The neutral location was decided on “to avoid any bias,” according to a statement fromSt.Maarten Finance Minister Hiro Shigemoto on Monday night.
Questions will be sent by each minister to Notary Hu-A-Ng and each minister will mandate the notary to forward questions to the CBCS boards simultaneously. The CBCS boards are to send their answers to the Notary. This process must be carried out two working days before the April 16 meeting.
The meeting was convened at Shigemoto’s request after a recent meeting with Curaçao Finance Minister George Jamaloodin during which Shigemoto highlighted St. Maarten’s concerns about the status quo with CBCS and that this was not in the interests of the two countries. Shigemoto was supported by Policy Advisor Dwayne President and legal representative Judith Brewster.
Shigemoto had informed the gathering, which included the bank’s Board of Commissioners, a CBCS board member and Notary Hu-A-Ng representatives, that CBCS management should have the opportunity to defend themselves and that any investigation into the management based on allegations made by the Curaçao Government must be carried out by a jointly selected independent international organisation.
He also insisted that before any investigation is decided on the Board of Directors and Supervisory Board must be heard by both finance ministers. “I have made it very clear that due diligence, transparency and good governance must be at the base of any independent investigation. … This investigation is for all of management within the corporate structure.”
Further, all decisions or actions taken by the Curaçao Government or utilities company Aqualectra that negatively affect Aqualectra’s ability to repay its NAf. 300 million loan would have consequences for both countries and CBCS, the minister said.
Shigemoto also stressed that the budget 2012 needed to be passed so the bank could function properly and the need to hire staff for the St. Maarten branch which also hinges on the budget approval.
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