Draft dividend policy not submitted to Cft yet

POSTED: 01/20/15 7:20 PM

St. Maarten – Finance Minister Hassink has so far not complied with a request from financial supervisor Cft to submit a (draft) dividend policy and dividend decisions for government-owned companies before the end of last year. This appears from answers to questions this newspaper posed to the minister through the press secretariat.

“Your inquiries regarding the Cft have been noted by the minister who unfortunately cannot provide this information at this time. Discussions are still ongoing with the CFT and, as such, it is not prudent to release any information at present,” the press secretariat states in a brief email.

The Cft requested the information in a letter to Hassink dated December 17, 2014. In the same letter, the financial supervisor pointed out that St. Maarten must compensate the accumulated deficits of previous years in the 2015 budget.

Given the fact that “discussions are ongoing,” it seems that Hassink is not ready to comply with these requests and that the draft dividend policy is not ready yet.

The secretary of financial supervisor Cft, Kees van Nieuwamerongen, wrote in an email to this newspaper that he is currently unable to answer questions about the dividend policy and the way the accumulated deficits will be dealt with. “First I want to assess together with the minister of finance where we are standing right now. The 2015 budget is obviously our first concern and all these matters have to come together in that budget. I expect to know more in about a week from now.”

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