Duncan: ‘Changes in Winair protocol
against Council of Ministers decision’
~ Bank clears way for positive advice on Letter of Comfort ~
PHILIPSBURG--The Directorate of Finance has issued a positive advice to grant Windward Islands International Airways Winair a Letter of Comfort. Meanwhile, the Executive Council of St. Maarten signed the June 23 draft protocol between the Island territory of St. Maarten, the Central Government and Winair for the transfer of shares and to deal with the NAf. 1.4 million loan received from Bonaire Belegging en Participatie Maatchappij (BBPM).
However, Duncan said changes had been made in the protocol that he could not accept. One of the major changes, Duncan said, was that St. Maarten wants the Central Government to transfer all the shares to St. Maarten and St. Maarten will give Saba and St. Eustatius their shares.
“This is against the 2005 decision of the Council of Ministers. It was decided then that the Central Government will transfer the shares to St. Maarten and the golden shares to Saba and St. Eustatius.”
Also the part where St. Maarten has to transfer the right of long lease to Winair was scrapped from the protocol, he said.
Duncan has stopped all negotiations with St. Maarten mediator Richard Gibson and said he would be consulting the Netherlands, Saba and St. Eustatius on the situation. He also has decided to ask legal advice on St. Maarten’s decision not to extend the long lease.
“They are playing a dangerous game putting Winair and the jobs of all the workers in jeopardy. By killing the company they will influence the division of assets and liabilities as a result of the (dissolution of) the Netherlands Antilles and in fact rob Curaçao, Saba and St. Eustatius of their shares.”
Regarding the letter of comfort, Duncan said the Directorate of Finances had changed its advice on issuing the letter for Winair. The advice was negative on July 22 because of risks the Central Government would run because of a NAf. 4.4 million loan Winair had with Windward Islands Bank (WIB).
Duncan said that because the company did not have audited figures it could not prove it had paid off the loan. However, WIB had given clarity on the matter, proving that that loan had been paid back in its entirety, Duncan said. Therefore, a second, positive, advice was given on granting Winair a letter of comfort for an overdraft of NAf. 1.5 million for operational expenses.
