Ennia Case Update. Independent Expert Finalizes Report on Valuation of Mullet Bay.
- Published in Soualiga
SINT MAARTEN (GREAT BAY) - The Joint Court of Justice of Aruba, Curaçao, Sint Maarten and of Bonaire, Sint Eustatius and Saba (hereinafter: the Court of Appeal) informs you of the (further) course of the proceedings in the well-known case of Ennia against the (former) shareholders, directors and supervisory directors, including H. Ansary.
On November 29, 2021, the Court of First Instance of Curaçao rendered judgment in this case and granted Ennia's claim in the amount of more than NAf 1 billion (http://deeplink.rechtspraak.nl/uitspraak?id=ECLI:NL:OGEAC:2021:215).
An appeal was lodged with the Court of Appeal against this judgment. The case file is very extensive and covers several thousand pages. On 13, 14 and 16 March 2023, oral arguments were held, and the Court discussed the case with the parties.
In a judgment of 12 September 2023, which is 143 pages long, the Court of Appeal ruled that Ennia's claim is admissible: in relation to the S&S case for USD 117 million, the 'oil rigs' issue; for more than USD 11 million and the issue of 'excessive spending' for about NAF 25 million.
The Court of Appeal also ruled that for the further assessment of Ennia's claim, it is necessary that the value of Mullet Bay is valued by an independent expert and that some parties provide further explanation on a number of matters (http://deeplink.rechtspraak.nl/uitspraak?id=ECLI:NL:OGHACMB:2023:158).
Before the Court of Appeal could appoint an expert, Ennia applied for permission to lodge an interim appeal in cassation against the judgment of the Court of Appeal. That application was rejected by the decision of 26 November 2023.
Subsequently, by judgment of 18 June 2024, the Court of Appeal rejected requests by the parties to reconsider previous decisions in the judgment of 12 September 2023 and proposed an expert to the parties.
By judgment of 26 November 2024, Mr Greg Becker, employed by Colliers (U.S.A.), was appointed as an expert. This year, the expert conducted research into Mullet Bay in Sint Maarten, at which the parties were present.
In April of this year, he drew up his draft report. After it has processed the parties' responses to that report, it will submit its final report to the Court. As soon as the Court of Appeal has received the final report on the valuation of Mullet Bay and provided it to the parties, the parties will be able to respond to it in writing.
In addition, some parties will be able to provide further explanation of a number of excessive expenses claimed by Ennia. A cautious estimate of the Court is that this written debate will be completed in the autumn of this year.
The parties may wish to make oral submissions after the written debate has been concluded. In that case, a hearing will be scheduled, after which a verdict will be rendered.