WILLEMSTAD – The Joint Court of Justice has provided an update on the ongoing civil proceedings brought by insurance company Ennia against former shareholder Hushang Ansary and several other individuals. The case centers on alleged financial mismanagement within the company and includes damage claims amounting to over 1 billion Antillean guilders. 

In a press release, the Court confirmed that the value of the Mullet Bay real estate project on Sint Maarten is being determined by an independent expert, as requested by the Court. Greg Becker from Colliers (USA) was appointed to conduct the valuation and has already performed an on-site assessment. A draft version of his report was submitted to the parties in April, and the final report is expected soon after comments from the involved parties have been incorporated. 

The Court will not issue a ruling on the remaining elements of the case—including the valuation of Mullet Bay and alleged excessive expenditures—until it has reviewed the final report and written responses from all parties. An oral hearing may follow depending on the outcome of the written submissions. 

The Court anticipates that the written phase of the trial can be concluded in the fall of 2025. Afterward, it will decide whether a final hearing is necessary before delivering its judgment. 

Earlier in the proceedings, the Court had already awarded several components of Ennia’s claim, including $117 million related to the S&S case, more than $11 million for failed oil rig investments, and approximately 25 million guilders deemed excessive personal expenditures. A request to appeal this partial judgment to the Supreme Court was denied in November 2023. 

The outcome of the case is being closely watched in Curaçao and the broader Dutch Caribbean due to its significant financial and legal implications.