Ottley on CBCS: Conflicts and no accountability, says nothing has changed from Ennia debacle

GREAT BAY--Member of Parliament Omar Ottley is voicing strong concern over what he calls a deepening pattern of questionable decisions and a lack of accountability by the Central Bank of Curaçao and St. Maarten (CBCS), particularly in light of the recent appointment of Dr. Jose Jardim as Chief Executive Officer (CEO) of Banco di Caribe.

“It was just a few months ago that the Minister of Finance came to parliament and asked for the approval of the Ennia bailout which was caused mainly due to the negligence of the Central Bank of Curacao and St. Maarten,” said Ottley.

His concern intensified after the Minister of Finance of Curaçao publicly criticized the same appointment, describing it as a blatant conflict of interest due to Dr. Jardim’s past involvement in the 2022 sale of Banco di Caribe while serving in a regulatory capacity. Ottley echoed this sentiment and said the decision undermines trust in the region’s financial oversight.

“I am happy to see that Minister Gumbs has voiced her opinion on that matter, as the previous silence from the minister had me very concerned,” said Ottley.

Following his own review of the situation, MP Ottley questioned whether Article 23, Paragraph 2(a) of the National Ordinance on the Supervision of Banking and Credit Institutions may have been breached. The article prohibits the appointment of individuals to key policy-making roles within a credit institution without prior approval from the Central Bank. While CBCS did grant approval in this case, Ottley argued that the decision should never have been made without a proper "cooling-off" period, given the clear conflict of interest posed by Dr. Jardim’s prior role as a regulator involved in the bank’s sale.

MP Ottley emphasized that the Central Bank’s approval of the appointment sends the wrong message to the public and weakens institutional trust.

“These international norms are not theoretical, they are practical guardrails meant to protect financial systems from undue influence and reputational harm. CBCS should have followed these standards instead of facilitating a questionable transition that weakens institutional credibility,” Ottley said.

He further criticized the Central Bank’s ongoing lack of accountability, particularly concerning the Ennia bailout, which saw St. Maarten forced to inject millions of public funds with little acknowledgment of the Central Bank’s role in the debacle.

“This is another example of why our current government should not just go along to get along. The Central Bank falls under the two countries, Curacao and St. Maarten and has taken zero responsibility for the Ennia Saga while the people St. Maarten was forced to inject millions for the bail out,” he stated.

Ottley also pointed to continued inaction around banking reform and consumer protection.

“The financial institutions in St. Maarten are abusing our people day by day with added fees and complex measures, but yet no talk of banking reform and consumer protection from the Minister of Finance while there was already a proposal submitted by the UPP faction,” he said.

He concluded with a call for a higher standard of governance and transparency across all financial institutions.

“The public must have confidence that our financial institutions are governed with independence, transparency, and integrity. Anything less puts our entire system at risk,” Ottley concluded.

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