New chapter in Central Bank saga – Commissioners in Curacao drop confidence in Tromp

POSTED: 10/10/12 12:03 PM

GREAT BAY / WILLEMSTAD – The three Curacaolenean members of the Board of Commissioners of the Central Bank informed the Councils of Ministers of Curacao and St. Maarten on September 12 that they no longer have confidence in the bank’s President dr. Emsley Tromp.

Renny Maduro, Glenn Camelia and Lincoln James wrote in their letter that they have their doubts about Tromp’s integrity. “The way the president works endangers the resources the bank has been entrusted with.”

The letter mentions the purchase of 300 million guilders worth of Aqualectra shares in December 2009 that happened without the board’s approval and without an evaluation by the investment committee. The same goes for the buy back guarantee of 270 million guilders, the bank issues for the St. Maarten Harbor Holding.

The commissioners say that both decisions brought enormous risks for the bank. They also accuse Tromp of misleading them, for instance by claiming that the Aqualectra bonds had been evaluated by the investment committee. The problem with bank notes was another sore point.

“In this case the president insinuated in a press release that the shortage of bank notes was due to a delay in an accord in the board of commissioners. When the president was reminded that he had received an approval in October 2011 for the order that would according to him be sufficient for one-and-a-half year, he took the position that the payment-behavior of consumers had changed.”

According to Maduro, who wrote the letter on behalf of the other two commissioners, this claim was also incorrect. The memorandum Tromp wrote about the buy back guarantee for the St. Maarten Harbor Holding is “full of falsehoods and false accusations.”

The three commissioners conclude their letter with: “Seeing the many falsehoods we have caught mister Tromp with, we are unable to assess the truthfulness of budgets and other documents that have been drawn up under his direction and responsibility.”

Maduro, Camelia and James point out that the integrity check that had been agreed upon in April still has not been executed. Until that happens the three commissioners refuse to be in meetings with Tromp. Their colleagues from St. Maarten – Marciela Illidge, Jairo Bloem and Robbie Ferron do not share this opinion. The Amigoe reported that there have been disagreements between the commissioners from St. Maarten and those from Curacao for some time.

During a meeting of the board in St. Maarten in August the commissioners from St. Maarten passed a resolution against Renny Maduro for what was labeled as his solo behavior. Maduro, Camelia and James did not attend that meeting due to their principled decision not to be in one room with President Tromp.

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