Mullet Bay; a hotel ruin, with high-price developments in the market for every neighboring project.

WILLEMSTAD – Ennia Caribe Holding’s strategy to bypass an interim verdict in the Court of Appeals and proceed directly to the Supreme Court is a logical decision.

First, Ennia predicts that the case will reach the Supreme Court after the appeal, while developments around Mullet Bay indicate that the lands may have the value claimed by the Ansary group.

According to Hushang Ansary, Ralph Palm, and Abdallah Andraous, the valuation of Mullet Bay is correct. This is what they came to point out in court, while Ennia Caribe Holding/CBCS’s lawyers believe that the Ansary group has exaggerated the value to extract more money from Ennia. Current developments around Mullet Bay are showing something else. A 100-square-meter condominium at The Fourteen is being sold for 1.1 million guilders (550,000 dollars). This is equivalent to 10,000 guilders per square meter of construction.

If a common rule is applied to derive the relationship between the square meters constructed and the value of the land, Mullet Bay, in truth, may have a market price of at least 1,000 guilders per square meter. This gives a value close to the land alone, without construction, in the range of 670 to 780 million guilders. And it is purely around these values that Ansary’s calculations were based. Ennia’s policyholders depend on the value that comes out of Mullet Bay. The Fourteen is a condominium project, just 50 meters from the lands in Mullet Bay.

As is known, the Court of Appeals has ordered the parties to hold a valuation of Mullet Bay so that the Court of Justice can determine if a sum of almost 700 million guilders looted from Ennia is at stake. From 2002 to 2021, there were at least 13 calculations of the value of Mullet Bay. Mullet Bay is currently valued at 770 million guilders according to Parman International, while according to the Central Bank, the value of Mullet Bay does not exceed 90 million guilders. There is a huge discrepancy between the two parties.

The value is important because this is recorded as an asset with EC Investment, which used, among other things, the activated value of Mullet Bay to secure investments through Ennia Caribe Leven for the international securities market. Ennia’s books talk about 770 million guilders. So, 770 million guilders served as a type of “collateral” for EC Investment to use Ennia Caribe’s money to send to Parman International B.V., to be used in the US securities market. 770 million minus 90 million is a significant difference of 680 million florins.

According to Parman International, they are surprised that the Central Bank is now questioning the value of Mullet Bay, while the Central Bank itself allowed Ennia Caribe to charge dividends based on land prices related to 770 million guilders.

Bron: Curacao Chronicle