Finance Ministers meet on central bank on April 16

POSTED: 04/3/12 12:54 PM

St. Maarten – Finance Minister Hiro Shigemoto will meet his counterpart in Curacao George Jamaloodin on April April 16 to discuss accusations made and current developments surrounding the Central Bank of Curaçao and St. Maarten (CBCS). The meeting is to take place at a neutral location in Curacao.
Shigemoto has already tabled St. Maarten’s concerns with the current status quo around the central bank and told Jamaloodin that it is neither country’s interests for things to remain as they are at the moment.
Shigemoto made the latter position clear at a meeting that included Jamaloodin, the Chairman of the Supervisory Board Renny Maduro, an unnamed member of the supervisory board and representatives of Notary Hu-A-Ng. Shigemoto also told that meeting that management of the central bank should get the opportunity to defend themselves and that any investigation into the bank’s management based on allegations made by the Curacao Government must be done by a jointly selected independent international organization.
Shigemoto has also insisted that the Board of Directors and Supervisory Board must be heard by both Ministers of Finance before any investigation is decided upon. These meetings are so they can obtain answers to outstanding questions which both finance ministers may have. In order to avoid any bias, each minister will send their questions Notary Hu-A-Ng and each minister will mandate the notary to forward the questions to the boards simultaneously. The boards are to send their answers back to the notary. This must be done two working days before the April 16 meeting.
“I have made it very clear that due diligence, transparency and good governance must be at the base of any independent investigation. I reiterated several times that this investigation is for all of management within the corporate structure of the CBCS. I also informed all present that decisions or actions taken by the Curacao Government or Aqualectra itself which affect Aqualectra negatively as it relates to the ability of Aqualectra to re-pay its 300 million guilder loan has consequences for both countries and the CBCS,” Shigemoto said.
Later he’d add, “I also stressed that the budget 2012 needs to be passed so the bank can function properly to which the chairman of the board replied that the 2011 budget still hasn’t been approved. I brought up hiring of staff for the branch on St. Maarten and when will the budget be approved so we can start. These are important matters that need to be addressed right away.”
Shigemoto was supported by members of his Cabinet Policy Advisor Dwayne President and Legal advisor Judith Brewster.

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