Board request Tromp’s suspension

POSTED: 06/7/12 1:15 PM

Budget not yet approved

GREAT BAY – The Government of St. Maarten has received a request from the Chairman of the Supervisory Board of Directors of the Central Bank of Curacao and St. Maarten Renny Maduro for the bank’s Director Emsley Tromp to be suspended. Prime Minister Sarah Wescot-Williams announced receipt of the request on Wednesday and said the cabinet will reply soon.
The board wants to remove Tromp so that an investigation can be done into the management’s functioning. One of the critical issues that will be under review is the $150 million bond that was floated for the St. Maarten Harbor Group of Companies. The bank’s management, led by Tromp, says they followed procedure, but the board has different opinion. Curacao’s Finance Minister George Jamaloodin has also questioned the way the bond was handled.
“The suspension has to do with the decision that the board has made to have this investigation carried out and the argument there being that it is not proper, if you wish, to have the person that is part of the investigation be on the job while the investigation is ongoing,” Wescot-Williams said.

Central Bank Budget
While government mulls over the suspension question, the cabinet has taken the very clear position that the Supervisory Board of Directors must make a decision on the Central Bank’s 2012 budget. The projections include allocations for the build-up of a fully functioning branch of the Central Bank here in St. Maarten.
“We see that particular post – more than just the St. Maarten branch – as creating the infrastructure for a St. Maarten Central Bank. There are also some other very important investments that are taken up in the proposed budget and that is why it is so important that this budget be approved,” the prime minister said.
Finance Minister Roland Tuitt stressed the importance of finalizing the budget during his meeting last week with Tromp and other members of the Central Bank’s management.

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