No role Cft in plans with Emilio Wilson Estate

POSTED: 02/2/15 1:12 AM

St. Maarten – Financial supervisor Cft has no role to play in whatever plans the government has with the Emilio Wilson Estate, Cft-secretary Kees van Nieuwamerongen told this newspaper yesterday. On Monday, Today reported that, according to some accountants, part of the value of the estate would transfer to the books of a third party in case it obtained the right of long lease on the property – or a part of it – and that this way the value of the country’s assets would go down.

When the Cft granted the 30.7 million guilders loan last year for the purchase of the estate, the advice contained a remark that this was a capital investment in a non-financial asset that would not affect the country’s assets.

“What happens with non-financial assets after it has been obtained with a loan that was approved by the Cft is beyond our legal task,” Van Nieuwamerongen said. “We do look at the realization of the investment and that is completed with the purchase of a piece of land.”

Van Amerongen said that it is up to Sint Maarten what it wants to do with the estate. “I agree that the nature of the contacts could impact the appreciation of the asset and with it the capital position, but we are not able to make any statements about that at this moment. Again, this is not the role of our supervision, as long as the financial consequences are properly accounted for in the budget.”

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