Published On: Thu, Dec 6th, 2012

Curaçao Central Bank Board Members ‘Not Cooperating’

PHILIPSBURG, Sint Maarten – The Herald reports that Curaçao's representatives on the supervisory board of directors of the Central Bank of Curaçao and St. Maarten are "not cooperating" to get the bank's business moving, says Finance Minister Roland Tuitt.

They have not been attending board meetings and "I am even going to go as far as to say they are not executing their tasks."

The minister said that the Curaçao government "will have to see what to do" about the board members, because they have even refused to turn up for meetings with the bank's shareholders. "I don't know why they are doing that [but it is Ed.] hampering the operations of the bank."

The articles of incorporation of the central bank state that the board members must meet on a regular basis. The rest of the board, comprising the three St. Maarten members and the "independent seventh member appointed by the Joint Court of Justice," have been meeting and moving ahead with bank business without the three Curaçao members.

Supervisory Board Chairman Remy Maduro has indicated his unwillingness to sit in any meeting with Central Bank President Emsley Tromp.

Meanwhile, the Council of Ministers is still to make a decision on the terms of reference, drawn up with the assistance of the Dutch Central Bank, for an operational audit of the financial institution. Tuitt said the Council of Ministers has to make a decision soon. If a decision is not made quickly "to speed up the process, things we don't like will happen."

St. Maarten has claim to some 26 per cent in the central bank. The country, if there is a split of the bank, will share in monetary, gold, investments and immovable assets the bank has acquired over the years.

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