St. Maarten Private Eye

While your reading of the Merrit account is quite accurate, your remark that it is modus operandi for St Maarten government owned companies to default, is off. Gebe, Juliana and the Wathey Seaport have an excellent track record in terms of honoring their commitments towards financial institutions. That was one of the reasons for Merrit (and CITI) to even consider the Telem loan. It has never been Merrits intention to not make this work but cash in on a court case instead. It is bad for their own track record.

I would say it is both the inexperience of the board and the incompetence of the CEO that has led to this situation. Why this man has been in the driver' seat (even ad interim) of this company is the real 78 million dollar question.
The guy has absolutely no clue what he is doing and should be kept far from any company. Go tell that to your politicians.