Parman International B.V. (‘PIBV’) announced today that it is filing its statement of defense required by court-procedure in response to an extraordinary and unprecedented suit filed with the Court in First Instance in which the CBCS impersonates the role of the ENNIA manager, at the same time as it continues with the conflicting role that it maintains as the regulator of the company which is wholly owned by PIBV.
In a strongly worded statement, PIBV criticizes the CBCS for its total failure to carry out the mandate it asked for and received on July 6th 2018, under the emergency rule to complete the restructuring of ENNIA in no more than six months with a budget of no more than NAf 500.000.
PIBV goes on to add that at this time, two years later the CBCS has exceeded the approved budget by millions of unauthorized dollars of ENNIA’s money generated by its shareholders in the USA, with absolutely no restructuring in sight.
In addition the CBCS in this same period under the emergency rule has lost many more millions of dollars in asset value and a significant market share held by ENNIA threatening the interest of the policy holders and job security for the employees.
Rather than moving at highest speed to complete the restructuring of Ennia, and prevent additional damages in face of the extra ordinary Corona challenges, the CBCS is now pursuing only one objective: to distract attention by the emergency court, the policy holder, the employees and the public to the far reaching consequences of the damages so far done under its supervision. By initiating this new law suit, Mr. Jose Jardim has embarked on a course that is totally irrelevant to the urgency of the mandate set forth for the CBCS by the emergency court. Because of the accelerated pace of negative factors in the last two years at ENNIA the likelihood of the downfall of ENNIA is of critical importance to the policy holders and the job security. In desperation he has created a suit that is unheard of because it discredits the decisions of his highly qualified predecessors at the CBCS in the last 11 years. In this period, the CBCS has each year examined the financial performance of ENNIA and after direct consultation with its external auditors, given a clean bill of health to the company’ management and supervisory board. As a consequence, it has approved the publication of each year’s financial statement to give policy holders, customers and the market watchers full satisfaction in connection with the company’ s performance. In challenging the records of the past which were fully approved by his predecessors, Mr. Jardim is in fact undermining the public confidence in the performance of the CBCS. If this is allowed to happen, what are the prospects of Mr. Jardim and his successors in their hope to maintain public confidence?
Parman International BV has absolutely no doubt that justice will ultimately prevail.