Trustee seeks to clear community leader’s name

POSTED: 01/18/12 12:01 PM

Veen: “He isn’t even listed as a creditor”

St. Maarten – Court appointed trustee in the Christian Kingdom Cooperative bankruptcy Jeroen Veen has called accusations against United Haitian Community President Guerrier Jeston “unfounded.” Veen was prompted to make the statement because of Jeston’s plea for the board to “publicly clear his name” so people would stop threatening him.
“(Jeston edi.,-) was indeed not on the board of CKC and neither employed by CKC and that, as far as I can see, he has nothing to do with the bankruptcy of the Credit Union. He’s also not listed as a creditor. That could be because he did not file to recuperate his savings but accusations towards him seem to be unfounded,” Veen said.

Trustee in the Christian Kingdom Cooperative bankruptcy Jeroen Veen

The threats started because some of the people who lost money said they’d invested in the credit union based on Jeston’s advice and the feeling that he was involved in the decision making process.

“Not one loan was secured with collateral. According to CKC two loans were secured with a mortgage on property but mortgage deeds cannot be found and research in the Mortgage Register has not yielded any result yet…most other files are incomplete in terms of address information and job statuses. Many debtors may have left St. Maarten…others may still be here but are unable to repay their loans. A large loan that was made has been researched but deemed uneconomical to collect considering the lack of assets against which collection is possible. CKC had or has no other assets. The bank accounts were almost empty,” Veen said.

The Court in First Instance ruled that the CKC was bankrupt in December 2010. The credit union’s lawyers appealed the decision but the Appeals Court ruled the petition inadmissible on January 26, 2011 because it had been submitted too late. Veen also announced that shareholders are not likely to receive any money in the bankruptcy because the Receivers Office has filed a claim as a preferential creditor. The group of people who have filed a petition against the Central Bank of Curacao and St. Maarten for not ensuring that a depositor’s insurance was established are amongst those Veen believes will get nothing.

“I don’t think that this can (solely) be attributed to the Central Bank. It was ultimately the Minister of Finance of the former Netherlands Antilles that had a statutory obligation to establish the fund but for reasons unknown to me, the fund was never established. As a complicating factor I mention the dismantling of the Netherlands Antilles which raises the question whether the liability of the former Minister of Finance, if any, has shifted towards Country St. Maarten or Country St. Maarten and Curacao jointly,” Veen said.
He also said, “It may still take several years in several instances while it is uncertain that a decision will lead to actual collection of amounts awarded. I have not been able to trace any assets of board members that can be secured in the pre-trial phase, he revealed.”
Veen has proposed that the board of the now defunct CKC should be held liable for the losses that people incurred, but he’s been unable to find a property of value that will deliver enough to make the payouts.

Did you like this? Share it:
Trustee seeks to clear community leader’s name by

Comments are closed.