Harbor Group borrowed $10 million from SZV

POSTED: 09/18/15 12:09 PM


St. Maarten – The Harbor Group of Companies contracted a short-term loan of $10 million with social insurance agency SZV to solve its problems with developer Zebec. SZV-interim director Glen Carty confirmed the loan but declined to mention or to confirm the exact amount. “For us it was pure business,” Carty said last night. “We are making money from this deal.”

Carty emphasized that SZV has nothing to do with the issue that has arisen between the Harbor Group of Companies and Zebec. The developer sued the harbor for $100 million in damages over the stalled Harbor Village project. Later parties reached an out of-court settlement with an agreement that contains a non-disclosure clause.

“SZV is investing in St. Maarten and abroad,” Carty said. “We received the request from the harbor for a short-term loan. We have looked into it and the harbor put up collateral. They are already busy repaying it with our commission.”

Carty referred to the situation of the Dry Dock Company in Curacao that in the past got into difficulties that made it impossible for it to continue with its operations. “We don’t just look at the return on our investment, we also look at possible consequences for the country if there is a claim on the port that would make it impossible for the company to operate.”

Carty noted that SZV had covered its risks when it contracted the loan.

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