St. Maarten currently holds “majority” in Central Bank’s board

POSTED: 07/5/11 12:33 PM

Navorra quits as board member

WILLEMSTAD\GREAT BAY – Attorney Nelson Navarro has resigned as a member of the Supervisory Board (SB) of the Central Bank of Curacao and St. Maarten (CBCS). According to Navarro, he wants to avoid any possible conflict of interest. Navarro was a member of the Supervisory Board of the CBCS, but also works with HBN Law which is the legal advisor and attorney of the Central Bank.

Navarro was a member of the Supervisory Board for just a month after the Curacao government nominated him earlier this year. He was not back at the firm when the nomination was made. Once he was back he had a discussion with representatives of the government, the Central Bank and the law firm’s leadership and he decided it was best to leave.

Navarro’s departure means the board has five members and that St. Maarten currently has the majority of members. Balance could be restored in Curacao’s favor as it widely expected that Sophia Rudsel, who the Government of Curacao has proposed as the Board Chairman, will be appointed.

During Navarro’s month on the board there has been one informal meeting and there was no discussion on the controversy between Central Bank director Emsley Tromp and members of the Schotte cabinet.

“We only discussed our functioning and future meetings. Three of us are lawyers who are very busy, so we had to agree on our approach,” Navarro said.

As a Member of the Parliament of the Netherlands Antilles for the Forsa Korsou party Navarro has said he did not agree with a joint Central Bank for Curacao and St. Maarten. On Monday he said he still held that view.

“Achieving a joint Central Bank in practice will be difficult,” Navarro said.

 

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