Black Immigrant Daily News

PHILIPSBURG — Hushang Ansary’s attempt to regain control of Sun Resorts and thereby of Mullet Bay has failed. The Court in First Instance ruled on Friday that Ennia Caribe Investments is the lawful owner.

The court forbade Ansary, Ralph Palm and Clarence Derby to pretend they are the statutory directors of Sun Resorts. They are also banned from taking any decision related to Sun Resorts and they are not allowed to call a new shareholders meeting for this company. The court ordered Palm and Derby to deregister as statutory Sun Resorts-directors from the registry at the Chamber of Commerce. Not complying with the court orders carries penalties of up to $10 million.

Ennia Caribe Investments holds 93.3 percent of the shares in Sun Resorts. Ansary claimed that ECI is not the owner of these shares because when they were acquired the blocking-regulation had not been respected.

Based on Sun Resorts’ articles of incorporation shares can only be transferred to a new owner after they have first been offered to Sun Resorts shareholders. The ruling acknowledges that the blocking-regulation has not been strictly obeyed with the transfer of the shares. “The transfer of shares to ECI has been flawed and was invalid.”

However, the court furthermore ruled that Ansary’s company Parman has guaranteed the ownership of the shares in several agreements. “These guarantees have been acknowledged by Sun Resorts and they signed for it,” the ruling states.

The court ruled that ECI acted in good faith when it acquired the shares and that it could rightly assume that the blocking-regulation had been respected. “The risk for not living up to the blocking-regulation lies with Sun Resorts,” the court ruled.

It furthermore points out that Parman stated in its 2010 annual account that all shares in Sun Resorts had been sold to ECH (Ennia Caribe Holding) and that the annual accounts of Sun Resorts for the years 2011-2015 confirm that ECI is its largest shareholder. In its own annual account, ECI claims that it owns 93.3 percent of the shares.

Ansary registered on June 18, 1985, as the statutory director of Sun Resorts with the Chamber of Commerce. Since 2011 he was the company’s only statutory director. Ansary holds 77.1 percent of the shares in Parman of which he is a statutory director. Parman is a shareholder of Ennia Caribe Holding.

Between 2005 and 2011 there was a flurry of share-transfers between Parman, Banco di Caribe, Ennia Caribe Holding and Ennia Caribe Investments.

Sun Resorts has one asset: Mullet Bay in St. Maarten. Since 2010 Mullet Bay represents more than 50 percent of Ennia’s assets, though the value of the property has been heavily manipulated. In the Sun Resorts books, Mullet Bay has a value of $436 million, but an appraisal ordered by the Central Bank and executed by Cushman & Wakefield and Jones Lang LaSalle showed the realistic value to be just $35 million.

After ECI called a special shareholders meeting of Sun Resorts in August whereby Ansary was fired as statutory director and replaced by Miguel Alexander and G.A.G. Martes, the Houston based Iranian-American businessman hit back by calling his own shareholders meeting where he reappointed himself and reinstalled Ralph Palm and Clarence Derby as statutory directors.

Ansary asked the court, among other things, to order that ECI and ECH publish a press release stating that they have unjustly presented themselves as shareholder of Sun Resorts and that Ansary, Palm and Derby are the lawful directors. The court dismissed this demand.

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Related links:Column: The Golden Key swindleRead more: Mullet Bay dossier

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Black Immigrant Daily News

CMC: – The United States Coast Guard on Friday said it had seized more than 700 pounds of cocaine after intercepting a vessel in the Caribbean Sea.

The Coast Guard said that four men, who claimed to be Dominican Republic nationals, had been apprehended when the vessel was intercepted by the Coast Guard Cutter Winslow Griesser and that the Caribbean Corridor Strike Force agents had offloaded 721 pounds of cocaine in the Mona Passage near San Juan, Puerto Rico.

It also said that the men are facing federal prosecution in Puerto Rico for conspiracy to possess with intent to distribute a controlled substance aboard a vessel subject to the jurisdiction of the United States.

The Coast Guard also said that this charge carries carry a minimum sentence of 10 years imprisonment and a maximum sentence of life imprisonment, while an additional charge of assaulting federal officers with a deadly weapon carries a maximum sentence of 20 years imprisonment

Meanwhile, the commanding officer of the Cutter Winslow Griesser, Lieutenant Mark Tatara, has commended his team for being instrumental in intercepting the vessel before the drugs could land on Puerto Rico’s shores.

“I cannot be prouder of the Winslow Griesser crew, especially our small boat crew, whose skill and professionalism were instrumental in stopping this drug smuggling go-fast vessel,” he said.

“We appreciate our customs and border protection and our coast guard, who worked seamlessly to ensure a successful outcome in this case that helped keep these drugs from reaching the shores of Puerto Rico and bring those responsible to justice,” he added.

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Trade growth is expected to lose momentum in the second half of this year and remain subdued in 2023, as the global economy sustains multiple shocks, such as ripple effects from the war in Ukraine, the latest forecast from the World Trade Organization (WTO) has revealed.

The UN partner agency has cautioned against imposing trade restrictions which would ultimately result in slower growth and lower living standards.

Global merchandise trade volume is estimated to grow 3.5 per cent in 2022, or slightly better than the 3.0 per cent anticipated in April.

However, volume will slow to 1 per cent next year, a sharp decline from the 3.4 per cent previously estimated.

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High prices and inflation

Demand for imports is expected to weaken as growth slows in major economies for different reasons, WTO said.

In Europe, high energy prices resulting from the Russian invasion of Ukraine will squeeze household spending and raise manufacturing costs.

In the United States, monetary policy tightening will affect spending in areas where interest rates count, such as housing, motor vehicles and fixed investments.

China also continues to struggle with COVID-19 outbreaks and production disruptions coupled with weak external demand.

Concern for developing countries

Meanwhile, developing countries could face food insecurity and debt distress as import bills for fuels, food and fertilizers rise: another impact from the war in Ukraine.

Overall, energy prices jumped 78 per cent year-on-year in August, according to the forecast. Food prices increased 11 per cent, grain prices were up 15 per cent and fertilizer 60 per cent.

Many currencies have also fallen against the dollar in recent months, another factor that is making food and fuel more expensive.

Trade’s critical role

Ngozi Okonjo-Iweala, the WTO Director-General, said policymakers face “unenviable choices” as they try to find an optimal balance among tackling inflation, maintaining full employment, and advancing important goals such as transitioning to clean energy,

She underscored how trade is a vital tool – both for enhancing the global supply of goods and services, as well as for lowering the cost to achieve net-zero carbon emissions.

Against trade restrictions

“While trade restrictions may be a tempting response to the supply vulnerabilities that have been exposed by the shocks of the past two years, a retrenchment of global supply chains would only deepen inflationary pressures, leading to slower economic growth and reduced living standards over time,” she said.

“What we need is a deeper, more diversified and less concentrated base for producing goods and services. In addition to boosting economic growth, this would contribute to supply resilience and long-term price stability by mitigating exposure to extreme weather events and other localized disruptions.”

WTO said the Middle East will have the strongest export growth of any region this year, 14.6 per cent, followed by Africa, North America, Asia, Europe, and South America.

The region also had the fastest trade volume growth on the import side at 11.1 per cent.

While the Middle East and Africa should see small declines in exports in 2023, imports will remain strong.

The new forecast, released on Wednesday, revises estimates published in April, or just weeks after the start of the war in Ukraine.

At the time, WTO economists had to rely on simulations for their projections, in the absence of hard data about the conflict’s impact.

SOURCE: UN News

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Faits-divers

Rédaction Web
Samedi 8 Octobre 2022 – 13h23

Cela fait huit jours que les proches de ce Foyalais sont sans nouvelles de lui. Comme nous le relations dans nos précédentes éditions, sa voiture et des effets personnels ont été retrouvés à Grand-Rivière, près de la Jetée, lundi dernier. Ce samedi, la gendarmerie de Martinique lance un appel à témoins sur sa page Facebook.

William Dyaboa dit Dyabol, 40 ans, a disparu depuis le 3 octobre sur le secteur de Grand-Rivière, non loin du port. “Depuis, il n’a pas rejoint la clinique dans laquelle il était hospitalisé”, informe la gendarmerie. Bien connu pour avoir notamment géré des bars et des restaurants, ce Foyalais n’a pas donné signe de vie depuis une semaine. Sa tenue vestimentaire au moment de sa disparition n’est pas connue. Il mesure 1m75.” Il n’a pas été retrouvé malgré les moyens importants qui ont été engagés, à terre ou en mer (chiens, hélicoptère, plongeurs…).Merci de l’aide que vous saurez nous apporter”, peut-on lire sur la page Facebook de la gendarmerie. Toute personne ayant des informations susceptibles d’intéresser les forces de l’ordre concernant cette disparition est invitée à composer le 17.

  « Il y a vraiment de quoi s’alarmer …

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